Li & Fung names Spencer Fung as Executive Chairman and Joseph Phi as new CEO
By Prachi Singh
Oct. 9, 2020
Li & Fung Limited has announced new leadership appointments following the recent privatization of the company. With immediate effect, the company said in a statement, Joseph Phi, group president, is appointed Group Chief Executive Officer of Li & Fung and Spencer Fung succeeds William Fung as Executive Chairman. 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.
As Executive Chairman of Li & Fung, the company said, 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.
Li & Fung names Joseph Phi as new Group CEO
Phi, the company added, has 20 years of experience with the group. He joined Li & Fung in 1999 and was promoted to become group president of Li & Fung in 2019. Formerly, he served as executive director of Integrated Distribution Services Group Limited 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,” said William Fung, Group Chairman, adding, “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.”
The company further said that Spencer Fung became CEO in 2014 and stepped in as the fourth generation of the Fung family.
“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.
Picture credit:Li & Fung