Li Ning, the troubled Chinese sportswear brand, is in the market for a new chief executive after the departure of the TPG partner installed two years ago to try to engineer a turnaround at the company which is one of the most famous locally-grown Chinese brands.
The company, which is backed by TPG Capital, reported first half net losses of Rmb585.8m earlier this year, three times as much as the year earlier net loss of Rmb184m.
Li Ning said today that Jin-Goon Kim, installed to run the company's daily operations in 2012, will step down as "interim CEO", but will continue as vice chairman of the board and an executive director. The company's founder, Li Ning, said in a statement that the company had made "very promising progress" in looking for a "full time CEO" , adding that "and the Board expects that the appointment of the new CEO can be made in the near future".