CEO Quits At Struggling Chinese Retailer Li Ning, Olympian Founder To Assume Post
Financially struggling Chinese sportswear retailer Li Ning said today CEO Zhang Zhi Yong had quit effective yesterday, and the company’s Olympic gymnast founder would become CEO until a replacement has been found.
Li Ning also announced today that private investment firm TPG, which took a stake in the company in January, had had one of its partners, Kim Jin Goon, named as executive vice chairman and executive director. Samuel Su, the CEO of the successful China business of Yum! Brands and the vice chairman of Yum!’s board, will join Li Ning as an independent non-executive director, it was also announced today.