Deals
Li Ning Founder, TPG Executive to Lead as CEO Leaves
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Li Ning Co. surged in Hong Kong trading after its chief executive officer stepped down and private-equity firm TPG Capital said it could boost investment in the sportswear retailer if needed.
Founder and Olympic gymnast Li Ning will help run the company while it searches for a new CEO to replace Zhang Zhi Yong, according to a statement from the company. Kim Jin Goon, a partner at TPG Capital that invested in the retailer this year, will be executive vice chairman.