UPDATE: Esprit Names Thomas Tang As Chief Financial Officer; Effective May 2

Fashion retailer Esprit Holdings (0330.HK) said it has appointed Thomas Tang as group chief financial officer and executive director with effect from May 2, in a management shuffle aimed at refreshing the company's business and brand.

Prior to joining Esprit, Tang was an executive at the Sino Group of companies.

Tang was CFO and executive director for blue-chip developer Sino Land Co. (0083.HK) and Sino Hotels (Holdings) (1221.HK), and concurrently served as CFO for Tsim Sha Tsui Properties Ltd. (0247.HK), until his resignation in late March, the retailer said in a statement Tuesday.

At midday, Esprit's share price was up 3.1% at HK$16.44, as investors welcomed the company's bid to refresh its top management. In comparison, the benchmark Hang Seng Index was up 1.2%.

Tang replaces Chew Fook Aun, who will step down as CFO and executive director on May 1, Esprit said, adding that Chew will remain with Esprit until mid-May and his last day of employment is June 1.

In December, the retailer said that Chew, who has served as CFO since February 2009, will resign for personal reasons, as the company presses on with a strategic overhaul to revive its brand after admitting last year it had "lost its soul."

To supervise the implementation of a transformation plan announced last September, Esprit will need its CFO to travel often to Europe, the company said in a statement to the Hong Kong stock exchange in December. "Regrettably, Mr. Chew is unable to spend the required time in Europe in addition to his duties as group chief financial officer in Hong Kong due to personal reasons," it said.

In September, the company said that it had "lost its soul" and that it would divest its North America business and exit retail operations in three major European countries, after reporting that its full-year net profit had plunged 98%.

-By Chester Yung, Dow Jones Newswires; 852-2832 2331; [e-mail]