Li & Fung names Spencer Fung as Executive Chairman and Joseph Phi as new CEO

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.