Chinese sportswear brand Li Ning has announced that its chief executive officer, Zhang Zhiyong, has stepped down.

Chairman and Olympic gymnastics champion Li Ning is to lead the company with Kim Jin-goon, managing director of US private equity firm TPG Capital, which has invested in the brand, until a new CEO takes office. Mr Kim has been appointed executive vice chairman.

Although the company's revenues beat other domestic sports brands in 2011, net profit dropped 65.2% year-on-year to RMB386 million compared with sales of RMB1.73 billion at Anta and RMB780 million at Peak Sports.

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