Li & Fung, which went private in May of this year, is shifting Joseph Phi from group president to chief executive. Spencer Fung, CEO since 2014, is in turn moving to executive chairman. He will be replacing William Fung, who is taking a seat alongside his brother, Victor Fung, on the board of Li & Fung’s holding company, Fung Group. Spencer Fung will be overseeing all of Li & Fung’s businesses in tandem with its new partners: the Chinese e-tailer and the international warehousing, real estate and infrastructure company GLP. Phi first joined the company in 1999 and ascended to group president last year. He was executive director of Integrated Distribution Services Group from 2004 until its acquisition by Li & Fung in 2010.