China's HNA Group reshuffles top level executives

Tysan Holdings

14/11/2017 12:10

By Matthew Miller and Kane Wu 
    BEIJING/HONG KONG, Nov 14 (Reuters) - HNA Group, the 
acquisitive Chinese aviation-to-financial services conglomerate, 
said on Tuesday it had reshuffled the leadership of its tourism 
unit, which includes its flagship Hainan Airlines. 
    Xin Di, chairman and chief executive officer of HNA Tourism 
Group Co. and a board member of HNA Group, no longer held those 
roles, an HNA spokeswoman said. 
    Zhao Quan, CEO of Hong Kong International Construction 
Investment Management Group  0687.HK , an HNA unit, will replace 
Xin as chairman of the tourism business and as a board director. 
Zhao holds other senior positions at the group.  
    "HNA has adjusted some management positions" to meet "actual 
operations demands of internationalization, professionalization 
and vitality," the company said in a statement. The company 
characterised the move as "normal personnel adjustment". 
    HNA Group, which has announced $50 billion in acquisitions 
in a little over two years, has been the subject of intensified 
scrutiny by regulators and banks since announcing a shareholder 
reshuffle in July. 
    Xin, also chairman of Rezidor Hotel Group AB  REZT.ST , 
joined Hainan Airlines  600221.SS  in 1992, before advancing to  
senior corporate positions.  
    HNA Tourism, which the company says holds 430 billion yuan  
($64.8 billion) in total assets, oversees HNA's airlines 
holdings, along with its travel agency, hotel and catering 
businesses.  
    The unit is responsible for 148 member companies and more 
than 210,000 employees, according to the group's website. 
($1 = 6.6363 Chinese yuan renminbi) 
 
 (Reporting By Matthew Miller and Kane Wu; Editing by Tony 
Munroe and David Evans) 
 ((matthew.miller1@thomsonreuters.com;)) 
 
Keywords: CHINA HNA/EXECUTIVES