The company said today he will replace the current chairman Victor Fung, who has held the post for 23 years, and who will continue as a non-executive director and assume the title of honorary chairman.
Spencer Fung, who joined the group in 2001 and who is Victor Fung’s son, has been named group chief operating officer. Previously, he was president of LF Europe, managing the group’s European distribution business.
“The appointments are in accordance with plans we unveiled last year to manage even more effectively our diverse and fast-growing business across the world,” said William Fung. He called Victor Fung’s leadership as group chairman “visionary” and said that during his tenure, the group's turnover increased 125 times to $20 billion in 2011.
The company added that Bruce Rockowitz, group president and chief executive officer of Li & Fung Ltd., is spearheading the group's latest three-year plan, which calls for the company to more than double its core operating profit to $1.5 billion by 2013.
“We now have in place an organizational structure to confidently meet the declared targets and grow across our three global networks of trading, logistics and distributions,” Rockowitz said.
In further changes, Dow Famulak will replace Spencer Fung as president of LF Europe, but he will continue as president of the DSG group of companies, a dedicated sourcing group that services Wal-Mart globally.
Famulak will also continue to lead the development of LF Beauty, the group’s health, beauty and cosmetic business, which oversees product development, sourcing and supply chain operations for its clients.
The company added that, going forward, Victor Fung would concentrate on growing the holdings of the Fung family, including the publicly listed Trinity Ltd. and Convenience Retail Asia Ltd., as well as privately held Hang Ten Group Holdings Ltd. and LiFung Kids (Holdings) Ltd. and other portfolio investments.
Fung also plans to devote more time to guide the development of Fung Global Institute, a Hong Kong-based nonprofit economic think tank and business-learning institute that provides Asian perspectives on critical global issues, and to work on the family’s charitable foundations.
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