Li & Fung has appointed a new group CEO and executive chairman following its recent privatisation.

The group has named its group president Joseph Phi as Group CEO and Spencer Fung succeeds William Fung as executive chairman.

Joining Li & Fung in 1999, Joseph Phi held the group president role since last year before being appointed to the new position. According to the company, he worked as executive director of Integrated Distribution Services Group Limited from 2004 until its acquisition by Li & Fung in 2010.

“Joseph has a strong track record at the company, having organically grown its logistics business successfully over the past decade,” said William Fung, group chairman. “He was appointed group president, Li & Fung last year to bring his strong execution focus to our Supply Chain Solutions business and has since then expanded his responsibilities to our Sourcing and Production Platform across 50-plus economies.”

With the new role, Spencer Fung will oversee all of Li & Fung’s businesses, working closely with the company’s new partners GLP and JD.

Appointed as CEO in 2014, Spencer Fung joined the group as the fourth generation of the Fung family.

“Spencer has a clear view and great ambition for the future of Li & Fung and what needs to be done to succeed in today’s ever-changing environment,” said William Fung.