Li & Fung announces senior leadership change
The Board of Directors of Hong Kong-based multinational Li & Fung Limited confirmed the appointment of Dr William Fung as Group Chairman and Executive Director of Li & Fung, in line with transitional arrangements announced following the Annual General Meeting (“AGM”) held in May 2011 when Dr Victor Fung declared he would relinquish his position as Group Chairman at this year's AGM.
In recognition for his stewardship of the Group during the past 23 years, the Board asked Dr Victor Fung to continue as a Non-Executive Director of Li & Fung and to assume the title of Honorary Chairman. In addition, Dr Fung will remain Chairman of the Group's Risk Management and Sustainability Committee.
The Board of Directors also announced the appointment of Mr Spencer Fung as Group Chief Operating Officer. Mr Spencer Fung, aged 38, joined the Group in 2001 and is the son of Dr Victor Fung and nephew of Dr William Fung. Previously Spencer Fung was President of LF Europe and managed the Group's European distribution business. He is a U.S. Certified Public Accountant and holds a Bachelor of Arts degree from Harvard College and Master of Science in Accounting and Master in Business Administration degrees from Northeastern University.
Mr. Dow Famulak, aged 51, has succeeded Mr Spencer Fung as President of LF Europe. In addition, Mr Famulak will continue as President of the DSG group of companies, a dedicated sourcing group servicing Wal-Mart globally and will continue to lead the development of LF Beauty, the Group's health, beauty and cosmetic business.
“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 Dr William Fung, Group Chairman of Li & Fung Limited.
Dr William Fung paid tribute to Dr Victor Fung for his visionary leadership as Group Chairman over the past 23 years, during which the Group's turnover increased by 125 times to US$20 billion in 2011. Since the Group was re-listed in 1992, market capitalization increased by 105 times to US$15 billion in 2011.
In 2011, nine Presidents were appointed representing different streams of businesses under the three global networks in Li & Fung's supply chain reporting to Mr Bruce Rockowitz, Group President and Chief Executive Officer of Li & Fung Limited.
“All of us at Li & Fung greatly benefit from Victor's ability to harness the skills and direct the energy of everyone to making Li & Fung one of the most successful companies in the world today”, said Mr Rockowitz.
“We are very fortunate that as our Honorary Chairman, Victor will continue to inspire us with his endless enthusiasm and wisdom and provide leadership for corporate governance and sustainability, two key focus areas of the Group”, he concluded.
Mr Rockowitz, who has been an Executive Director since 2001 and President of Li & Fung since 2004, is spearheading the group's latest Three-Year Plan, which calls for the company to more than double its core operating profit to US$1.5 billion by 2013.
“We now have in place an organizational structure to confidently meet the declared targets and grow across our three global networks of Trading, Logistics and Distribution”, concluded Mr Rockowitz.
Li & Fung Limited, the Hong Kong-headquartered multinational group, is recognized as the world's leader in consumer goods design, development, sourcing and distribution.
Li & Fung Limited