SHANGHAI — Joseph Phi has taken on the role of group chief executive officer at Li & Fung, the Hong Kong-headquartered sourcing conglomerate, in a management shuffle that sees Spencer Fung assume the executive chairman position, succeeding William Fung.
The announcement said Phi’s promotion is with immediate effect. Phi was appointed group president last year and is a long time veteran of the company, first joining in 1999. He previously was executive director of Integrated Distribution Services Group Limited from 2004 until its acquisition by Li & Fung in 2011.
“Joseph has a strong track record at the company, having organically grown its logistics business successfully over the past decade,” said William Fung, group chairman. “He was appointed group president, Li & Fung last year to bring his strong execution focus to our supply chain solutions business and has since then expanded his responsibilities for our sourcing and production platform across 50-plus economies. I very much admire the way he focuses on executing our services flawlessly through operational excellence.”
Meanwhile, Spencer Fung, who vacates the ceo position for the chairmanship will be working closely with the company’s new partners — Singaporean GLP, a global logistics warehouse operator and investor, and JD.com, to enhance its digital solutions and explore new ventures, the firm said. JD.com invested $100 million into the firm at the end of July with an eye to partner on private label initiatives for the China domestic market.
Spencer Fung became ceo in 2014, a fourth generation member of the Fung family who has spearheaded the vision of creating the “supply chain of the future.” Earlier this year, the company decided to delist from the Hong Kong Stock Exchange.
“Spencer has a clear view and great ambition for the future of Li & Fung and what needs to be done to succeed in today’s ever changing environment” said William Fung. “While I will no longer serve as the chairman of Li & Fung, I will be sitting on the board of its holding company and together with Victor Fung, I will continue my full time involvement in other companies across the group.”