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CEO change boosts Li Ning shares at HK bourse
By Ding Yining |
July 5, 2012, Thursday
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Online Edition
Online Edition
SHARES of Li Ning Co Ltd surged 7.25 percent at Hong Kong Stock Exchange today after the sportswear group said its chief executive officer Zhang Zhiyong is stepping down to make room for new leadership to revitalize sales.
Founder and Olympic gymnast Li Ning will help run the company while it searches for a new CEO to replace Zhang, the company said in a statement today.
The stock hiked as much as 11 percent before closing at HK$5.03.
Li will work with newly appointed executive vice chairman Kim Jin Goon, who is in charge of the group's internal affairs and operations. Li will be in charge of external affairs and relationships.
Kim became the non-executive director in April and is a partner with TPG, a private equity firm that became an investor of the sportswear group earlier this year.
Kim told a teleconference today that the group's inventory level is expected to return to a healthy level within six to 12 months.
The company also announced a three-stage transformation plan to solidify its position as the leading brand in China's sportswear market.
Its short-term focus will be inventory clearance and supply chain revamp to improve profitability.
Zhang, who has worked for the company for 20 years, agreed that it was time for new leadership and said he would remain as an executive director and chief adviser to the board.
Founder and Olympic gymnast Li Ning will help run the company while it searches for a new CEO to replace Zhang, the company said in a statement today.
The stock hiked as much as 11 percent before closing at HK$5.03.
Li will work with newly appointed executive vice chairman Kim Jin Goon, who is in charge of the group's internal affairs and operations. Li will be in charge of external affairs and relationships.
Kim became the non-executive director in April and is a partner with TPG, a private equity firm that became an investor of the sportswear group earlier this year.
Kim told a teleconference today that the group's inventory level is expected to return to a healthy level within six to 12 months.
The company also announced a three-stage transformation plan to solidify its position as the leading brand in China's sportswear market.
Its short-term focus will be inventory clearance and supply chain revamp to improve profitability.
Zhang, who has worked for the company for 20 years, agreed that it was time for new leadership and said he would remain as an executive director and chief adviser to the board.
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