Sourcing giant Li & Fung has today (14 May) promoted LF Europe president Spencer Fung to group chief operating officer.

Dow Famulak succeeds Fung as president of LF Europe, and will continue as president of the DSG group of companies, a dedicated sourcing group servicing Wal-Mart globally, and will continue to lead the group's health, beauty and cosmetic businessand LF Beauty. 

In addition, the company has confirmed the appointment of deputy chairman Dr William Fung as group chairman and executive director. Last year, it was revealed that Fung would become group chairman at this year's annual general meeting. 

The board has asked chairman Dr Victor Fung to continue as a non-executive director of the company and serve as honorary chairman, as well as remaining chairman of the group's risk management and sustainability committee.

Dr Victor Fung will focus on growing the business' portfolio, including publicly listed Trinity and Convenience Retail Asia, as well as privately held Hang Ten Group Holdings and LiFung Kids (Holdings) and other portfolio investments.

"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 Li & Fung group chairman Dr William Fung.

Spencer Fung is the son of Dr Victor Fung and nephew of Dr William Fung.