Chinese sportswear company Li Ning has announced changes to its management team along with its plan to improve performance.

Zhang Zhiyong, who has stepped down after 20 years as CEO, has been replaced temporarily by the company’s founder and executive chairman Li Ning.

Zhiyong and the company’s board of directors agreed mutually that bringing in new leadership is the right thing to take the company to the next phase of its development.

Zhiyong has also ceased to be a member of the executive committee of the board. He will, however, continue to serve as an executive director and chief advisor to the company’s executive committee to ensure a smooth transition for the future CEO.

The company is now undertaking a search for a new CEO.

Ning will focus primarily on external affairs, such as the new relationship with the Chinese Basketball Association (CBA).

“We will continue strengthening our management team and recruiting new talent with relevant experience, to ensure that we are able to execute our plans,” said Li Ning.

“We are determined to develop Li-Ning into a world-class sports brand, a brand that is fundamentally anchored on sports values and sports essence.”

Meanwhile, Jin-Goon Kim, who has been appointed as executive vice chairman, will be responsible for the internal affairs and operations, as well as driving the company’s transformation during this transition.

Beijing-headquartered Li Ning provides sporting goods including footwear, apparel, equipment and accessories for professional and leisure purposes primarily under the Li-Ning brand.

Aside from its own brand, Li Ning also distributes and sells in China the French outdoor sports brand Aigle, table tennis equipment brand Double Happiness, Italian sportswear brand Lotto and badminton equipment brand Kason.

GB