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CORRECTED-HNA's top shareholder to name ex-German minister as its CEO - source
November 7, 2017 / 8:18 PM / 13 days ago

CORRECTED-HNA's top shareholder to name ex-German minister as its CEO - source

(Corrects headline and first paragraph to say HNA’s largest shareholder, not HNA, is set to appoint Roesler as its CEO)

By Arno Schuetze

Nov 7 (Reuters) - HNA Group’s largest shareholder, Hainan Cihang Charity Foundation Inc, is set to appoint former German economy minister and vice chancellor Philipp Roesler as its chief executive, according to a person familiar with the matter.

Bloomberg, which had earlier reported the proposed appointment, added that it could be made in the coming weeks. bloom.bg/2AoNwJP

Earlier on Tuesday China’s heavily indebted airline-to-property conglomerate said it has agreed a sale and repurchase deal on some of its shares in Spain’s NH Hotel Group to raise cash for internal financing.

HNA, which is also one of the biggest shareholders in Deutsche Bank, has taken on billions in debt to fund a $50 billion acquisition spree in the last two years and has faced rising funding costs in recent weeks as investors worry about its financial health.

No one at HNA was immediately available for comment. (Reporting by Parikshit Mishra in Bengaluru Editing by Greg Mahlich)

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