In 2014, Spencer Fung, son of Victor Fung, became Group CEO and Marc Compagnon was named Group President as Li & Fung spun out its global brands and licensing business through a one-to-one stock split. With the spin off Bruce Rockowitz became Chief Executive of Global Brands Group (787.HK), listed on the Stock Exchange of Hong Kong as a separate entity in July. Li & Fung acquired freight forwarding company China Container Line. For the new 3 year plan between 2014 and 2016, Li & Fung announced the growth strategy will be changed from M&A to focus on organic growth, marking an end to 8 years of large scale acquisitions. Turnover excluding Global Brands Group peaked at US$19,288 million.