Li Ning announced that its CFO Nicholas Chong had resigned to pursue other business opportunies, but will remain an adviser to the company. The company said it is lining up potential candidates as a replacement.
Li-Ning said, “The company has been in discussions with potential candidates for the new chief financial officer. During the transition period, an advisor with over 20 years of operations experience, including serving as the chief financial officer of a multinational company in China, will help to lead the finance function of the company.”
Ms. Lee Hung has also resigned as the company secretary of the Company with effect from Oct. 15. Lee confirmed that she has no disagreement with the Board and there is nothing relating to her resignation that needs to be brought to the attention of the Stock Exchange or the shareholders of the Company. Ms. Lee will remain with the Company as an advisor.
The Board also announced that Ms. Yim Wai Yin, Lisa (“Ms. Yim”) has been appointed as the company secretary of the Company with effect from 15 October 2012. Ms. Yim has over 20 years of company secretarial experience and is a fellow member of The Institute of Chartered Secretaries and Administrators and The Hong Kong Institute of Chartered Secretaries.
In July, the company replaced its chief executive with its founder, former Olympic gymnastics star Li Ning, and appointed a TPG Capital executive as part of a three-year transformation plan. The executive, Kim Jin Goon, was instrumental in turning around Daphne International Holdings Ltd., a Chinese women’s shoes retailer, after TPG invested in it in 2009. TPG acquired a stake in Li-Ning in January.
