Board and management changes at Li & Fung

Li & Fung Ltd (consumer goods design, development, sourcing and distribution) has held its annual general meeting on May 14th in Hong Kong and announced some board and management changes

New Group Chairman and Executive Director of the company will be Dr. William Fung following Dr. Victor Fung who has been named Honorary Chairman for his 23 years of services to Li & Fung (LF).

Spencer Fung (38) and son of Dr. Victor Fung and nephew of Dr. William Fung has been made Group Chief Operating Officer. He was before President of LF Europe and was managing the group’s distribution business. He is a US Certified Public Accountant and holds a Bachelor of Arts degree from Harvard College, a Master of Science in Accounting and an MBA both from Northeastern University.

He is succeeded by Dow Famulak (51) as President of LF Europe and Famulak will also continue as President of the DSG group of companies servicing WalMart globally and will continue to lead the development of LF Beauty, the group’s health, beauty and cosmetic business.

The group is following a three-year plan to more than double its core operating profit to USD 1.5 billion by 2013. To reach that goal LF has appointed since 2011 nine Presidents for the different businesses under the three global networks in Li & Fung’s supply chain and they all report to Burce Rockowitz, Group President and CEO of Li & Fung Ltd.

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