Oct 12 (Reuters) - China's best-known local sportswear group, Li Ning Co Ltd, said its chief financial officer has resigned, the latest deparure from senior management as the company grapples with a slowdown in the world's second-largest economy.
Li Ning, backed by Singapore sovereign fund GIC and U.S. private equity fund TPG Capital, said CFO Chong Yik Kay will step down from Nov. 1, but will remain an adviser to the company.
The news comes three months after the company, whose share price has dropped by more than half since March, named Olympic gymnast Li Ning and TPG managing director Kim Jin-Goon to lead the company after then-CEO Zhang Zhiyong quit. Full story
