Lining CFO Zhong Yi Qi Resigned Or Disagreed With TPG.

Following the resignation of CEO Zhang Zhiyong in July this year,

The company's top executives are changing again.

Last Friday, Lining announced that it was the company's director and chief financial officer.

Due to the pursuit of career development, resignation has been submitted and came into effect in November 1st.

On that day, Lining's stock price did not fall, but it rose 7.7% at a time, rising 3.43% for a full 3 months.

A person who did not want to be named told reporters that "Lining's personnel changes are not strange, and maybe there are continuing changes."

It is said that after the TPG became a shareholder, Lining put forward a thorough reform plan, and Zhong Yi Qi had already expressed differences with TPG. "Therefore, he resigned from office without accident."

The announcement also said that Li Hong has resigned as secretary of the company, the company has appointed Yan Huiyan instead of 15 effective this month.

Lining said in the announcement that Zhong Yi Qi and Li Hongjun will be the consultant of the company.

The company is consulting with the appropriate candidate for the new chief financial officer. "During this pition period, a consultant with over 20 years of operation experience will help to lead the company's financial functions."

This is another Lining executive who left in 2011.

In the six months from May 2011 to November, five former executives of Lining's chief brand official Shiwei, chief operating officer Guo Jianxin, Wu Xianyong, general manager of Lotto business department, Zhang Xiaoyan, director of the company's government and public affairs department, and chief executive officer, Xu Mao Chun, and so on, left.

In 2009, 4 months after the resignation of former chief financial officer Chen Weicheng, Li Ning Co appointed Zhong Yiqi as CFO, Zhong Yi Qi, a senior financial controller of DELL (China) Limited, and served as chief financial officer of customer service development department in Procter & Gamble (China) Co., Ltd., responsible for Greater China.

The contract period between Zhong Yiqi and Lining is three years, and its basic annual salary and director allowance are 1 million 910 thousand yuan. At the same time, it also enjoys year-end bonus, participation in company stock plan and other benefits and allowances.

In response to Zhong Yiqi's contribution to Li Ning Co, the above people replied that when Zhong Yi Qi acted as CFO, Lining was carrying out a brand remolding plan. In the face of the market's doubts about the brand remodeling (returning to the "post-90s"), Zhong Yiqi's consistent view was that the sporting goods industry was declining, not that Li Ning Co had problems.

The brand remolding was proved to be a failure. In July of this year, CEO Zhang Zhiyong, who led the reform, left office and Lining came out again.

In the first half of this year, Li Ning Co's revenue was 3 billion 880 million yuan, a year-on-year decrease of 9.5%, net profit of 44 million yuan, a sharp decrease of 84.9% compared to the same period last year.

TPG, one of the largest private equity firms in the world, is currently the second largest shareholder in Lining, holding 13% shares, and now has 8 full-time senior administrators working in Lining, and 2 of them have been in Lining's board.

There are rumors that TPG will have new moves to Lining, including a possible increase.

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However, TPG did not reply to this reporter.