Li Ning, the mainland's top sportswear maker, said chief financial officer and executive director Tan Wee Seng resigned yesterday to pursue personal career development.
Mr Tan, who joined Li Ning in 2003, said he had no disagreement with the board and has six months of non-competition undertakings. His resignation will be effective from December 1.
Some market observers speculated Mr Tan would join Esprit Holdings, a blue-chip casual wear wholesale and retailing chain operator that saw its former chief financial officer John Poon resign in July.
Esprit chairman and chief executive Heinz Krogner said he would not comment over the phone, but he would 'come to Hong Kong next week and make an announcement'. Mr Krogner, a German, had said earlier that the Esprit chief financial officer should not be 'a German'.
In a conference call with analysts yesterday, Mr Tan said: 'If possible, I hope to meet up with you [analysts] in the future.' His resignation was regarded as a surprise for its employees, most of whom only got the news yesterday.
Analysts said his departure would be negative to Li Ning.
