Williams. The interview took place on the Talking to CEOs Show (when). Firstly, the necessity for chief executive officers will be outlined. Secondly, background information of
Li & Fung Ltd. will be presented, as well as a short biography of Mr. William Fung. Next, concepts of leadership for a CEO shall be reviewed. Finally, a brief review of myths surrounding success will be provided.
An executive manager functions to create and maintain the internal environment of an organization, so as to enhance the motivation of employees for consistent performance (Today's Manager 2005). Importantly, a CEO's job requirement is to plan, organize, direct and control organizational resources that may be in the form of jobs, materials, facilities, information or money. These four functions are interrelated, interdependent and goal-orientated (Today's Manager 2005). It is truly a dynamic position, as the CEO is expected to anticipate and adapt to a variety of challenges and changes. A CEO uses a plan to develop a strategy to systematically achieve organizational goals, and to prepare for future challenges. Organization is required to gather resources needed for the plan, and so the CEO must develop internal structure (policy), build relationships (network) and allocate resources appropriately. A CEO directs, leads or guides employees within the organization to maintain focus on goals.
Finally, a CEO uses control when they evalua...
Li & Fung Group (est. 1937) is a large multinational trading group based in Hong Kong that incorporates Li & Fung Ltd. (trade), IDS Group (commodity distribution and logistics), as well as Li & Fung Retailing (retail), as illustrated in Figure 1. The scope of this paper necessitates a focus only on Li & Fung Ltd.
Figure 1. A flowchart of the Li & Fung Group.
In particular, Li & Fung Ltd. networks with over 30 countries, employees more than 13,000 people globally, and has an annual turnover of more than US$50 billion (who date). The organization, a family business trading since 1906, provides trade to retailers in the USA and Europe, by sourcing high-volume, time-sensitive consumer goods, primarily from Asia. Li & Fung Ltd. Also provide comprehensive logistical services, and as such the company has an extensive network of suppliers in China. The focus of Li & Fung Ltd. are soft goods (mainly clothing), but the company also sources hard goods such as handicrafts, home furnishings, shoes, sporting goods, and toys. Cargo destined for North America accounts for a majority of the company's sales (who date).
Li & Fung Ltd. own "Toys 'R' Us" rights to operate in Hong Kong, Taiwan, and Southeast Asia.
Toys "R" Us is currently the largest toy shop in Asia (who date).
The Chairman at Li & Fung Ltd. is Victor Fung. His brother, Dr William Fung, is the Managing Director. Between them both they own 76% of the family company that has been operating since 1906.
A Biography of Dr. William Fung (MD)
Dr. William Fung has been a Group Managing Director of Li & Fung Ltd. since 1986. He graduated from Princeton University with a Bachelor of Science degree in Engineering, and also holds an MBA degree from the Harvard Graduate School of Business. He