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China: li ning cfo chong resigns

China: li ning cfo chong resigns Source:
Date: 14-10-2012
Visits: 251
Very Poor

The CFO of Li Ning, Chong Yik Kay, is set to leave the troubled Chinese sportswear retailer.

The company said that Chong has resigned but will remain an advisor to the company. It is in discussions with potential replacements.

Lee Hung has also resigned from her role as company secretary, and will be replaced by Yam Way Yin.  She has over 20 years of company secretarial experience and is a fellow member of The Institute of Chartered Secretaries and Administrators and The Hong Kong Institute of Chartered Secretaries.

In August, Li Ning saw first-half profit drop 84.9% as it closed almost 1,000 stores. First-half profit fell to CNY44.3m (US$7m) as sales declined 9.5% to CNY3.8bn.

In July, the company's CEO Zhang Zhiyong, stepped down as the company announced a multi-year turnaround plan to improve its performance and drive growth.
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