The board of directors of Parkson Retail Group Limited announced on behalf of the company and its subsidiaries, the re-designation of Tan Sri Cheng Heng Jem and Datuk Cheng Yoong Choong. Tan Sri Cheng, currently the Non-executive Director and Chairman of the company will be re-designated and assume responsibilities as the Executive Director and Chairman of the company with effect from 31 May 2013. Tan Sri Cheng has more than 25 years of retail experience.

On the other hand, Datuk Cheng will relinquish his role as Executive Directive and Managing Director of the company and will be re-designated as Non-executive Director of the company and Senior Adviser to the Board of the company with effect from 31 May 2013. This re-designation will allow Datuk Cheng to devote more time for his family and personal commitments. The re-designation is in line with the Group's long term leadership renewal plans.

In his new capacity as Senior Advisor, Datuk Cheng will continue to work closely with the Board on the strategic direction, vision and development of the Group's business. His current portfolio, which involves the day-to-day management of the Group's business, will be handled by the Chief Executive Officer. Datuk Cheng will remain as a member of the Remuneration Committee and Nomination Committee of the Company.

Datuk Cheng is also the Managing Director and Executive Director of Parkson Retail Asia Limited and a Non-executive Director of Odel PLC.