Munir Mashooqullah, a well-respected global sourcing expert, has retired as president and chief executive officer of Synergies Worldwide, a company he founded 28 years ago.

Guido Schlossmann, most recently executive vice president for the global apparel business of Hong Kong-based with Li & Fung Ltd., has succeeded Mashooqullah.

The Synergies founder, who retains a position on the company’s board, said “2015 was the best year for Synergies” and that he leaves the firm in good hands. He was said to have grown weary of the extensive traveling involved in his post.

In 2010, Mashooqullah he was named one of the “Outstanding 50 Asian-Americans in Business” by the Asian-American Business Development Center and has been a frequent speaker on sourcing and manufacturing issues at industry seminars.

Bangkok-based Synergies, a global supply-chain management firm, is known for its fast-fashion clients and its network of Asian manufacturing connections. It operates in nine countries, with a staff of 500 and some 75 retail and brand clients.

In 2012, Synergies, which according to industry estimates manages about $300 million in international trade, was said to be in talks to be purchased by Li & Fung.

“I will continue to position Synergies Worldwide as the leading authentic, low-cost sourcing company and as the trusted partner of choice for Synergies’ stakeholders,” said Schlossmann, who has held top management positions in global sourcing and supply-chain management in Germany, China, Bangladesh, Turkey, Hong Kong and Thailand for U.S. and European fashion, apparel and sportswear customers.

He first joined Li & Fung in 2003 as general manager in Hong Kong, where he worked for more than a year before being promoted to senior vice president and was based in Istanbul. In 2010, he moved back to Hong Kong to take on his most recent post.

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