The Chinese company promoted Joseph Phi, who joined the company twenty years ago. In his current position, the executive will lead the operations of the supply chain.
Li&Fung strengthens its leadership. The Chinese giant of distribution, owner of the US group Global Brands, appoints a new president. Joseph Phi, who already has twenty years of experience within the group, will take the post from now on.
The executive, who joined the company in 1999, will lead the operations of the supply chain of the Chinese group. Phi comes after Marc Compagnon in the charge, President and CEO of the group since 2014, who now has been appointed as advisor of the company and will remain in Li&Fung’s board as non-executive chairman.
Spencer Fung, CEO of the group, explained that with the appointment of Phi the group “has the objective of building the supply chain of the future to help clients navigate in the digital economy.”
The appointment of Phi is another step the company takes for its digitalisation strategy. One week ago, Li&Fung created the post of chief digital officer to be reinforced in that area. The post was assumed by Darren Palfrey, who joined the company coming from Gravity Supply Chain.
Li&Fung, which is listed on the Hong Kong stock exchange, concluded the first half of the year with 59 million dollars in the red, in contrast with the net profit of 133 million dollars from the same period in 2017