Spencer Fung has been promoted to chief operating officer of the Li & Fung group. He was formerly the president of its LF Europe operations, and will be succeeded in that position by Dow Famulak. Famulak will also continue as president of the DSG group of companies, which works exclusively for Walmart, and will still head up LF Beauty, Li & Fung's health, beauty and cosmetic operations. The company has also officially named William Fung, formerly deputy chairman, to be group chairman and executive director. The former chairman, Victor Fung, will stay on as non-executive director of the company, honorary chairman, and chair of the risk management and sustainability committee. The Hong Kong-based company made the changes as part of its efforts to better manage its diverse and fast-growing global business.

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