The Chinese group HNA, shareholders of TAP through the consortium Atlantic Gateway, has announced that the heretofore Vice-President Chen Feng and the deputy Councillor, Adam Tan, will take over the management of the company after the President’s death.
Wang Jian, one of the co-founders of HNA, died this week after falling from a wall while attempting to take a photo, in Southern France.
“The HNA board gathered and restated its compromise with the continuity of the strategy of the company and its operations, under the leadership of President Chen Feng and its Deputy Councillor Adam Tan”, the group communicated in a notice.
Chen has taken over Wang’s role, while Adam will keep his main role and functions.
Wang’s death comes at a time where the company is selling its assets, in order to solve liquidity issues and high financing costs.
This year alone, HNA has sold over 14 billion dollars (12 billion euros) in assets.
In Portugal, the company holds shares in Atlantic Gateway, a consortium which possesses 45% of TAP. A subsidiary, Capital Airlines, has inaugurated in July 2017 the first direct flight between China and Portugal.
The group still has important parts in companies such as Swissport and Deutsche Bank.
With Chen Feng, Wang was the biggest shareholder of the group, with around 15% of the shares.
HNA has explained in a notice that Wang’s shares will be distributed according to his will of donating to charity, and shareholders will be kept informed.