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Closing Bell

Li Ning Announces Executive Shakeup Amid Declining Profitability

Li Ning Co. today said that CEO Zhang Zhi Yong "will be succeeded temporarily" by the shoe and apparel brand's namesake founder, Li Ning, and TPG Group partner Kim Jin Goon will be elevated to Exec Dir & Vice Chair. The moves, part of a "three-year transformation program aimed at improving profitability," come after profits fell 65% last year. The company last month issued warnings of further declines in '12 "due to rising costs and slowing economic growth in China" (WSJ.com, 7/5).

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