Li-Ning Co. Ltd. said Jin-Goon Kim had stepped down as interim chief executive and that founder Li Ning would take over daily operations. The move was made to “facilitate a smooth transition to the new chief executive officer,” who is expected to be named soon.
According to a statement, the board announced in July 2012 that when Zhang Zhi Yong stepped down as the chief executive officer at the time that the chief executive officers duties would be performed jointly by Li Ning, the executive chairman and an executive director of the company, and Jin-Goon Kim, the executive vice chairman and an executive director.
Kim is a partner at Texas Pacific Group (TPG), a global private investment
firm which spent 561 million
yuan for a 10.1 percent stake in Li-Ning Co. in January 2012. Before
joining Li-Ning Co. Kim helped turn around Daphne International
In March 2014, Kim was appointed as the interim chief executive officer in order to facilitate his performance of such shared duties. Li Ning’s statement added, “Since then, after a thorough and discreet search process, good progress has been made in identifying the chief executive officer candidate and the Board expects that the appointment of the new chief executive officer can be announced in the near future.”
The statement further added, “To facilitate a smooth transition to the new chief executive officer, the board announces Mr. Kim will step down from the position of interim chief executive officer as of 14 November 2014; and until the new chief executive officer takes office, the chief executive officers duties will be performed by Mr. Li Ning and supported by the incumbent senior management of the company.”
Kim will remain as executive vice chairman and an executive director of the company and will continue to provide guidance and support during this transition period while attending to other responsibilities as a partner of TPG, a leading global investment firm. Such transitional arrangement will cease when the new chief executive officer reports duty.