TPG partner brought in to help turn around Li Ning
TPG Capital's Jin-goon Kim has been named executive vice-chairman of Li Ning as the private equity firm tries to stabilize the struggling Chinese sports retailer. The appointment comes as Li Ning searches for a replacement for CEO Zhiyong Zhang, who has departed after more than two decades with the company.
Li Ning, the company's founder and a former Olympic gymnast, has been installed as temporary CEO. Li Ning's 2011 annual results, announced in March, were hugely disappointing, with profit falling 65.2%...
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