TPG-backed Li Ning loses CFO

Li Ning said in a statement that Chong will pursue other career opportunities, but remain an adviser to the company. The recruitment process for a new CFO has already begun.

In February, Li Ning sold RMB750 million ($119 million) in convertible bonds to TPG and Government of Singapore Investment Corporation (GIC). If fully converted, TPG will take a 12% equity stake in the company, with GIC holding 8%, up from 6% prior to the deal.

Six months after the deal was announced, Li Ning named TPG's Jin-goon Kim as executive vice chairman of the company while founder and former Olympic gymnst Li Ning was installed as temporary CEO, replacing Zhang. Kim, who joined TPG in 2006, also led a turnaround at women's shoe retailer Daphne.

Li Ning's 2011 annual results, announced in March, were hugely disappointing, with profit falling 65.2% to RMB386 million from RMB1.1 billion a year earlier. In August, the company posted an 85% decline in first-half net profit due to increasing unsold inventories and marketing costs. It expects a decline in full-year revenue, potentially leading to a negative income statement.

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• Topics
• Greater China
• People
• Restructuring
• Consumer
• TPG Capital
• GIC Private
• China
• Distress
• Consumer