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Wanda vice president quits amid government crackdown on offshore investment

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Wanda vice president quits amid government crackdown on offshore investment

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BEIJING (Reuters) – Dalian Wanda’s senior vice president, Jack Gao, has resigned from the Chinese conglomerate, sources close to the company said. Gao was also the interim CEO of Legendary Entertainment, an American movie studio that Wanda acquired last year for nearly $3.5 billion (£2.6 billion). Zeng Maojun, president of Wanda Film Holding Co., will take over Gao’s role as interim CEO, the sources said. Thomas Tull, the founder of Legendary, quit in January. The story was first reported by The Hollywood Reporter. The Chinese government has cracked down on high-profile cross-border acquisition and warned against any “irrational investment”. China’s crackdown on overseas investment has diminished the scope of Gao’s work, the sources said. Dalian Wanda Group declined to comment. Legendary didn’t reply when contacted by Reuters.

(Reporting by Pei Li and Adam Jourdan, editing by Larry King)
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