CLP Holdings Limited announced that after having served as the CLP Holdings Chief Executive Officer for 10 years, Mr. Richard Lancaster will be retiring from the role on 30 September 2023 and will be succeeded by Mr. Chiang Tung Keung. Mr. Lancaster will hand over his executive responsibilities on 30 September 2023. As part of the transition, he will become an Advisor to the CEO and stay on as Executive Director and will step down from all positions at the CLP Group at the conclusion of the Annual General Meeting of 2024, which is expected to be held in early May 2024.

Mr. Chiang, currently Managing Director of CLP Power Hong Kong Limited, has over 30 years of engineering, broad general management and regulatory experience in the power industry in CLP's core markets of Hong Kong and Mainland China. He also has considerable experience in engaging with investors through the debt issues programmes of CLP Power Hong Kong Limited and Castle Peak Power Company Limited. He joined CLP Power Hong Kong Limited as a Graduate Trainee in 1988 and has been Managing Director of CLP Power Hong Kong Limited since June 2017, in which capacity he has held overall responsibility for CLP's core Hong Kong electricity business.

Mr. Chiang's expertise and experience gained through his considerable service in a range of senior management positions within CLP Power Hong Kong Limited will ensure the smooth and effective transition of the Company's executive leadership. Mr. Lancaster will continue to serve as an Advisor to the CEO from 1 October 2023 and will remain on the Board as an Executive Director until the conclusion of the 2024 Annual General Meeting at which he will step down from all his positions with the CLP Group. Mr. Chiang, aged 56, holds a Bachelor of Science in Electrical & Electronic Engineering from the University of Hong Kong, a Master of Science in Electrical Engineering from the Hong Kong Polytechnic University and a Master of Business Administration from the Chinese University of Hong Kong.

Mr. Chiang is a Chartered Engineer and is a Member of the Institution of Engineering and Technology, Fellow of the Hong Kong Institution of Engineers and an Honorary Fellow of the Vocational Training Council. He holds a number of public appointments and his major appointments include: a Member of the 14th Beijing Municipal Committee of the Chinese People's Political Consultative Conference, HKSAR Election Committee; and the Vice Chairman of the Real Estate & Infrastructure Committee of the Hong Kong General Chamber of Commerce. Mr. Chiang currently holds a number of board positions of various subsidiary companies and affiliated companies of the CLP Group and details of which are set out on the Company's website.

He is currently a director of CLP Power Hong Kong Financing Limited and Castle Peak Power Finance Company Limited. Mr. Chiang has not in the past three years held directorships in public companies that are not part of the CLP Group.