China Dongxiang CEO quits after less than a year
Sports apparel retailer China Dongxiang has announced the resignation of its CEO after she was on the job for less than a year.
Sandrine Zerbib, a former president in China for adidas who had been named CEO on November 23, 2010, will be replaced by the chairman Chen Yihong. She resigned for “personal reasons,” the company said.
China Dongxiang announced in March that it, along with Chinese Internet giant Sina, would purchase a stake in online fashion site Mecox Lane. That company’s shares have decreased since. Chen Yihong still managed to rank no. 168 on the 2011 Forbes China Rich List, and China Dongxiang was a repeat member of Forbes Asia’s Best Under A Billion list this year.
China Dongxiang’s core business has faced trouble keeping up in China’s fast-changing consumer market amid tough competition, analysts have said.
When naming Ms Zerbib CEO last year, Chen said: “With her ample experiences in managing an international brand and the continuous support from the Board, Ms Zerbib will bring new perspective and insight to China Dongxiang, enhancing the management capability and leading the company to achieve further success.”
