Charity foundation of China's HNA Group names former German minister as CEO
Philipp Roesler says he is optimistic he will be able to focus on his role amid concerns over regulatory scrutiny of the company
Former German Vice-Chancellor Philipp Roesler has been appointed to the top job at HNA Group’s New York-based foundation, a move intended to provide stability and legitimacy for the Chinese conglomerate’s charitable efforts in the United States.
Roesler becomes the first chief executive of Hainan Cihang Charity Foundation Inc, a New York-based not-for-profit corporation, the foundation said on Thursday.
The foundation is the largest shareholder of HNA Group Co, the highly acquisitive Chinese conglomerate that holds large stakes in Hilton Worldwide Holdings and Deutsche Bank.
Hainan Cihang said it planned to contribute up to US$200 million towards charitable undertakings over the next five years, including US$30 million in pledges to Harvard University, the Massachusetts Institute of Technology and Calvary Hospital in New York.
Officially registered with the New York attorney general in September, Hainan Cihang will focus at first on programmes to provide health care, education and entrepreneurship, Roesler said in an interview.
Hainan Cihang “will grant and support financially some projects,” Roesler said. “We won’t hire doctors to make vaccinations, but what we can do is support organisations doing this.”