Li & Fung has promoted Bruce Rockowitz to be president and chief executive of the group. He will work with nine newly promoted presidents for the nine business units in the trading, logistics and distribution segments of the company's operations. Rockowitz has been an executive director of the big Hong Kong-based sourcing specialist since 2001, and president of its trading arm since 2004. He will basically take the place of the current group managing director, William Fung, who will become executive deputy chairman before replacing his brother Victor in the chairman's post at the next annual general meeting in 2012. Victor will then continue to be involved as non-executive director and chairman of the company's risk management and sustainability committee. He will concentrate on the management of his family's holdings and charitable foundations.

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