Hong Kong-based sourcing giant Li & Fung Limited has promoted group president Joseph Phi to group chief executive officer, while current CEO Spencer Fung succeeds William Fung as executive chairman.
The new leadership appointments come after the Fung family took the company private as part of a US$930.7m deal earlier this year with Singapore logistics company GLP Group. A further US$100m investment was also secured from Chinese e-commerce leader JD.com to speed the development of its digital supply chain as well as new private label initiatives for the Chinese domestic market.
Phi has been with the group for 20 years, becoming group president in 2019. He previously served as executive director of Integrated Distribution Services Group from 2004 until its acquisition by Li & Fung in 2010.
“Joseph has a strong track record at the company, having organically grown its logistics business successfully over the past decade,” William Fung says.
“He was appointed group president 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.”
As executive chairman of Li & Fung, Spencer Fung will oversee all of Li & Fung’s businesses. He will work closely with the company’s new partners – GLP, a leading global logistics warehouse operator and investor, and JD.com, one of the world’s largest technology driven e-commerce companies – to enhance its digital solutions and explore new ventures.
Spencer Fung became CEO in 2014 and stepped in as the fourth generation of the Fung family. He is credited with the company’s vision to create the ‘Supply Chain of the Future.’
“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,” William Fung says.
On retirement from his role as chairman of Li & Fung, William Fung will sit on the board of its holding company and, together with his brother Victor Fung, will continue to be involved in business growth and development of the other companies across the group.