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Li & Fung Names Marc Compagnon Executive Director

Li & Fung Limited announced the appointment of Marc Compagnon as executive director Tuesday in a statement outlining changes in the board composition.

Compagnon, currently the president of LF Sourcing, will step into the role as of July 1, 2014. There is no fixed period of director’s service but his role is subject to retirement by rotation and re-election at annual general meeting.

The company announced in March that upon listing of the shares of Global Brands Group Holding Limited, its separate consumer brands and licensing business, current group president and chief executive officer Bruce Rockowitz would become the spun-off entity’s chief executive officer and Spencer Theodore Fung would step in to take Rockowitz’ role.

Now that the share listing is set for July 9, Rockowitz has tendered his resignation and will cease to be group president and CEO as of July 7. He has also stepped down from his post as executive director and member of the Risk Management and Sustainability Committee of the Company, both of which Compagnon will be filling.

Spencer Fung, currently as executive director at Li & Fung, will assume the role of group CEO as of July 7.

According to a company statement, Rockowitz confirmed that he had no disagreement with the Board and that no matter relating to his resignation needed to be brought to shareholders’ attention.