HONG KONG: Li & Fung names Rockowitz chief executive
Bruce Rockowitz, group president and chief executive of Li & Fung
Hong Kong-based global sourcing giant Li & Fung Limited today (18 May) named Bruce Rockowitz group president and chief executive as part of a management reshuffle aimed at positioning the firm for future growth.
The company, whose customers include Liz Claiborne, Target, Kohl's and Marks & Spencer, also said group managing director Dr William Fung is to become executive deputy chairman - and that he will take on the role of group chairman by the next annual general meeting in 2012.
"Li & Fung has reached a size and scale that requires a new organisational structure", said current chairman Dr Victor Fung, who will continue as a non-executive director and also as chairman of the company's risk management and sustainability committee. He will concentrate on other Fung family holdings and charitable foundations.
"These arrangements are designed for Li & Fung to manage even more effectively our diverse and fast growing business across the world".
Under the guidance of Dr William Fung, Li & Fung has grown into a multinational corporation with a turnover of HK$124.1bn (US$15.9bn) in 2010.
Rockowitz, who has been an executive director since 2001 and president of Li & Fung (Trading) since 2004, will now be spearheading the group's latest three-year plan, which calls for the company to more than double its core operating profit to $1.5bn by 2013.
He will also oversee the development of Li & Fung into three global networks - trading, logistics, and distribution - which are expected to contribute US$700m, US$100m and US$700m respectively to the three-year target.
Reporting to Rockowitz are nine newly promoted presidents representing different streams of business under the three global networks in Li & Fung's supply chain.
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