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Li & Fung announces new leadership arrangements
18
May '11
The Board of Directors of Hong Kong-based multinational Li & Fung Limited announced transitional arrangements in its top leadership following recent changes in its group structure as part of its long-term planning.

With immediate effect, Mr Bruce Rockowitz is appointed Group President and Chief Executive Officer and Dr William Fung is appointed Executive Deputy Chairman. Dr Victor Fung will relinquish his position as Group Chairman by the next Annual General Meeting in 2012 at which time Dr William Fung Kwok Lun will assume the chairmanship.

“Li & Fung has reached a size and scale that requires a new organizational structure”, said Dr Victor Fung. “These arrangements are designed for Li & Fung to manage even more effectively our diverse and fast growing business across the world”.

Commenting on the appointments, Dr Victor Fung said that Dr William Fung is ideally placed to replace him going forward while remaining in an executive capacity. Dr William Fung, who has been Group Managing Director of Li & Fung since 1986, has managed the expansion and growth of Li & Fung to a multinational corporation with a turnover of HK$124.1 billion (US$15.912billion) for the year ended 31 December 2010.

Mr Rockowitz, who has been an Executive Director of Li & Fung since 2001 and President of Li & Fung (Trading) Ltd since 2004, and Dr William Fung have together managed the Group for the past few years. Mr Rockowitz will now be spearheading the implementation of the Group's new Three-Year Plan and the development of Li & Fung into three global networks – trading, logistics, and distribution. Reporting to Mr Rockowitz are nine newly promoted Presidents representing different streams of business under the three global networks in Li & Fung's supply chain.

“Li & Fung now covers the entire supply chain and is well positioned for further growth across its three global networks” said Dr Victor Fung.

Li & Fung has set a target of reaching US$1.5 billion in core operating profits by 2013, with trading, logistics, and distribution expected to contribute US$700 million, US$100 million and US$700 million respectively.

With regard to his own future, Dr Victor Fung explained that he will continue as a Non-executive Director of the Board of Li & Fung and also as Chairman of its Risk Management and Sustainability Committee after the next AGM. He will concentrate on guiding the further development of other Fung family holdings, including publicly listed Trinity Limited and Convenience Retail Asia Limited, as well as privately held Toys (Labuan) Holding Limited and other portfolio investments.

He also announced that he will devote more time to the family's charitable foundations – the Victor and William Fung Foundation and the Li & Fung (1906) Foundation whose focus is on education and research on issues of global concern.

Li & Fung Limited


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