Li & Fung Limited announces change of Chief Executive Officer & Resignation Of Executive Director.
Mr. Marc Robert Compagnon has been appointed as an Executive Director and a member of the Risk Management and Sustainability Committee of the Company with effect from 1 July 2014.
Mr. Marc Robert Compagnon, aged 55, is President of LF Sourcing overseeing the Group’s global agency business for apparel and hard goods as well as the sourcing for the Group’s distribution business. He joined the Group in 2000 at the time of the acquisition of Colby International Limited where he was Chief Merchandising Officer for 17 years and was responsible for establishing Colby’s global sourcing network and sales and marketing strategies. Mr. Compagnon holds a Bachelor of Arts degree from The University of Vermont.
He is a member of the Board of Advisors of the School of Business Administration at The University of Vermont and a founding member of Cotton’s Revolutions. Mr. Compagnon is also a non-executive chairman of TheAbacaGroup, Inc. (Cebu), a hotel and restaurant management group. He did not hold any directorship in any other listed public companies in the last three years.
Mr. Bruce Philip Rockowitz has tendered his resignation as an Executive Director and a member of the Risk Management and Sustainability Committee of the Company with effect from 1 July 2014 and will cease to be the Group President and Chief Executive Officer of the Company with effect from 7 July 2014. Mr. Spencer Theodore Fung, an Executive Director of the Company, will assume the role of Mr. Rockowitz as the Chief Executive Officer of the Company on 7 July 2014.
Mr. Bruce Philip Rockowitz has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.
The Board would like to express its sincere gratitude to Mr. Bruce Philip Rockowitz for his valuable contributions to the Board and his leadership to the management team over the past 13 years.