Leading fashion wholesaler and retailer Esprit Holdings said it will hire Chew Fook Aun from Hong Kong's biggest property trust Link REIT as chief financial officer (CFO).

Esprit, which sells apparel and related products in more than 40 countries and regions, said in an e-mailed statement yesterday that the appointment of Chew will take effect from June 1, 2009. He will succeed John Poon, who resigned as Esprit's deputy chairman and chief financial officer in July.

Chew, CFO and executive director at The Link Management, which is the manager of the Link Real Estate Investment Trust, resigned from his current positions on Nov 27, the trust said in its statement to the stock exchange yesterday. But he will stay with the company for up to six months to assist his successor.

Analysts welcomed the new appointment, saying that it will help Esprit Holdings develop the mainland market.

Shares in Esprit jumped 13.22 percent to close at HK$50.1, the most since Oct 30, trimming this year's loss to 57 percent. It also outperformed the benchmark Hang Seng Index's 5.59-percent rise yesterday.

Before the announcement of the new appointment yesterday, Esprit had lost 48 percent of its market value, or about HK$51.8 billion, since Poon's resignation.

Esprit's chairman and chief executive officer Heinz Krogner said the company will benefit from Chew's experience in accounting, finance and investor relations.

Chew has been working for the city's biggest property trust since 2007, he was also the chief financial officer of Kerry Properties.

The Link Management said in a statement that Chew had confirmed there is no disagreement with the board.

(HK Edition 12/11/2008 page2)