Li & Fung Ltd. has a new executive chairman and CEO.
Spencer Fung, who has been CEO since 2014, will now move into the executive chairman role, with group president Joseph Phi appointed to the chief executive post. Phi joined the company in 1999 and became group president last year.
As executive chairman, Spencer Fung, a fourth-generation Fung family member who created and spearheaded the company’s vision to create the “Supply Chain of the Future,” will oversee all of Li & Fung’s businesses and will continue to sit on the board of Li & Fung’s holding company. He will also work closely with the firm’s new partners, Singaporean global logistics warehouse operator and investor GLP and technology-driven e-commerce company JD.com to enhance Li & Fung’s digital solutions and explore new ventures. JD.com also invested $100 million into the firm in July, sparking speculation that the two might eventually create private-label lines for the e-commerce firm.
“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, the newly retired chairman of Li & Fung. Together with William’s brother Victor Fung, the pair will continue to be involved in business growth and development of the other companies across the group.
William Fung cited Phi’s “strong track record at the company” as fueling his ascension to the chief executive role, adding that he has “organically grown its logistics business successfully over the past decade.”
“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,” William Fung added. “I very much admire the way he focuses on executing our services flawlessly through operational excellence.”
Both appointments are with immediate effect. Li & Fung completed its delisting on the Hong Kong Stock Exchange on May 27 after 28 years as a public company.