Head of Troubled Li-Ning Co. Hands Baton to Company's Founder

(Beijing) – Chinese sporting goods firm Li-Ning Co. Ltd. said on November 17 that Jin-goon Kim had stepped down as interim chief executive and founder Li Ning would take over daily operations.

Kim, a partner at Texas Pacific Group (TPG), a global private investment firm, was appointed to run the company in July 2012 and to fix its sales difficulties and capital chain problems. TPG spent 561 million yuan for a 10.1 percent stake in Li-Ning Co. in January 2012. Before joining Li-Ning Co. Kim led apparel company Daphne International Holdings Ltd. out of difficulties.