Former Giordano International executive director Jimmy Chan Kui-tim has joined Le Saunda Holdings as chairman in a management revamp aimed at turning around the loss-making shoe retailer. The revamp will see majority shareholder Lee Keung relinquish the chairmanship to make way for Mr Chan. Two executive directors - Doris Tsui Oi-kuen and Winnie Lui Miu-lan - will resign after spending 23 years and 12 years respectively with the company. It is understood Mr Lee is pinning his hopes of a turnaround on independence of management. It is also believed he wants to have Giordano's management and business models imported into Le Saunda, particularly at a time when Hong Kong's retail sector is reeling from sinking consumer confidence and deepening deflation. Giordano, a dominant casual wear retailer in the region, is among a minority of listed companies with a shareholders' 'hands-off' approach to management. The group is held largely by a number of institutional investors such as Harris Associates. Its chairman and directors, who are employees and collectively own less than 1 per cent of the company, take charge of daily management. The management and business models yielded Giordano a record attributable profit of HK$416 million last year. Mr Chan had spent 10 years at Giordano until the end of last year when he became president of television-maker Skyworth Holdings. 'An announcement on the appointment will probably be made [tomorrow],' Mr Chan said yesterday. Mr Chan will face the challenge of pushing Le Saunda's 17 SAR outlets into the black when retailers are expected to brace for a quiet Christmas. Like other retailers, Le Saunda has been forced to slash prices by offering discounts as steep as 50 per cent to reduce inventory. For the six months to August 31, Le Saunda's attributable loss totalled HK$5.67 million against a profit of HK$479,000 in the same period last year.