Hong Kong-based textile sourcing giant Li & Fung has announced the appointment of Joseph Phi as group CEO. Phi takes over from Marc Compagnon, who had held the post since 2014 and who is joining the Fung Group, Li & Fung’s majority shareholder. Joseph Phi will be overseen by Li & Fung’s newly appointed Executive Chairman Spencer Fung.
Phi remains the president of L&F Logistics, whose strategic development he will continue to supervise, and will also retain his place on the group's steering committee. Phi is well acquainted with the nuts and bolts of Li & Fung’s operations, having joined the group in 1999.
Phi has notably been the executive director of Integrated Distribution Services Group, from 2004 until its acquisition by Li & Fung in 2011. He enjoys an equally strong reputation outside Li & Fung. He is chairman of GS1 Hong Kong, the local chapter of global supply chain standards organization GS1, and a member of the consulting committee of the Hong Kong Trade Development Council. Between 2014 and 2018, Phi was an adjunct professor in the School of Business and Management at the Hong Kong University of Science and Technology.
“Our goal is building the supply chain of the future to help our clients navigate the digital economy, and to improve the lives of one billion people within the supply chain,” said Spencer Fung, group executive chairman of Li & Fung. “I’m convinced that Joseph is the right person to take advantage of the solid foundations that Marc built, and to move on to the next stage [in the group’s] development,” added Spencer Fung.
The Hong Kong-based sourcing giant has grown vulnerable in recent years and was given the green light by its shareholders to delist from the Hong Kong stock exchange and become a private, family-owned group again. A decision made at a price of $928.9 million (€854 million), following negotiations that started in March.