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CEO to resign lifts Li Ning's shares
By Ding Yining |
July 6, 2012, Friday
|
Print Edition
Print Edition
SHARES of sportswear group Li Ning Co surged 7.25 percent in Hong Kong after it said CEO Zhang Zhiyong will resign as it seeks new leadership to help revive sales.
Li Ning, founder and former Olympic gymnast, will team up with newly-designated executive vice chairman Kim Jin Goon to search for a new CEO to replace Zhang, the firm said in a statement yesterday.
Kim, a partner with private equity firm TPG which became an investor in the sportswear group earlier this year, was appointed non-executive director in April.
The shares rose 11 percent before closing at HK$5.03 (65 US cents). The stock has lost 18.6 percent since the start of this year while the Hang Seng Index gained 7.12 percent.
The company also unveiled a three-stage blueprint to solidify its position as the leading brand in China's sportswear market. Its short-term focus will be to clear inventory and improve its supply chain to lift profit.
Zhang, a 20-year company veteran, will stay as executive director and chief adviser to the executive committee.
Last year, the company's profit fell 65 percent to 386 million yuan (US$61 million).
Li Ning, founder and former Olympic gymnast, will team up with newly-designated executive vice chairman Kim Jin Goon to search for a new CEO to replace Zhang, the firm said in a statement yesterday.
Kim, a partner with private equity firm TPG which became an investor in the sportswear group earlier this year, was appointed non-executive director in April.
The shares rose 11 percent before closing at HK$5.03 (65 US cents). The stock has lost 18.6 percent since the start of this year while the Hang Seng Index gained 7.12 percent.
The company also unveiled a three-stage blueprint to solidify its position as the leading brand in China's sportswear market. Its short-term focus will be to clear inventory and improve its supply chain to lift profit.
Zhang, a 20-year company veteran, will stay as executive director and chief adviser to the executive committee.
Last year, the company's profit fell 65 percent to 386 million yuan (US$61 million).
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