Li & Fung has named Joseph Phi as the company's new president. He will lead the company's supply chain solutions operating groups, including business development. He replaces Marc Compagnon, who will now work as senior adviser across the Fung Group of companies, Li & Fung's major shareholder, leading its initiative to build a network of strategic industry partners. Compagnon will remain on the board of Li & Fung as a non-executive director. In his new role, Phi will report to the group's chief executive, Spencer Fung. Phi joined Li & Fung in 1999. Alongside his new role, he will also continue to hold the role of president of LF Logistics and to serve on the board of directors of Li & Fung. The news follows the recent appointment of Darren Palfrey as chief digital officer.