The board of Country Garden Holdings Company Limited announced Mr. YANG Zhicheng (Mr. YANG') and Mr. SONG Jun (Mr. SONG), executive Directors of the Company, have tendered resignation from their positions as executive Directors of the Company due to reallocation of work, both with effect from 20 December 2022. The other positions of Mr. YANG and Mr. SONG in the Group remain unchanged after their resignation as executive Directors of the Company. Mr. CHENG Guangyu (Mr. CHENG) and Ms. WU Bijun (Ms. WU) have been appointed as executive Directors of the Company, both with effect from 20 December 2022. Mr. CHENG, aged 42, is an executive vice president of the Company. Mr. CHENG graduated from Tsinghua University with a bachelor's and doctoral degree in civil engineering in 2002 and 2007 respectively, and from Guanghua School of Management of Peking University with an EMBA degree in 2015. Mr. CHENG joined the Group in 2007 and has been responsible for overall operation management and sustainable development of property projects in certain regions under his supervision from 2012 to 2014. Since 2014, Mr. CHENG has been responsible for the overall sales and marketing management of the Group. Currently, Mr. CHENG is responsible for the overall sales and marketing management, brand management, investment planning management and product design management of the Group. Mr. CHENG also oversees the Risk Control, Audit and Supervision Center and Commercial and Culture Tourism Group. Mr. CHENG has over 15 years of experience in management of property development. Mr. CHENG has entered into a director service agreement with the Company for a term of office commencing from 20 December 2022 until 31 December 2024, subject to termination by not less than six months' notice in writing served by either party on the other and is subject to retirement from office and re-election at the annual general meetings of the Company in accordance with the articles of association of the Company.
His emoluments are determined with reference to his duties and responsibilities with the Company, the Company's remuneration policy and the prevailing market conditions. Under the director service agreement, Mr. CHENG is entitled to receive a basic annual salary of RMB1,000,000 and is entitled to other fringe benefits. Furthermore, Mr. CHENG is entitled to a year end management bonus of a sum to be determined by the Board at its absolute discretion. Ms. WU, aged 49, was appointed as a vice president and the chief financial officer of the Company in April 2014 and April 2017 respectively. Ms. WU is also the chairman of the finance committee of the Company and the general manager of the finance centre of the Company. Ms. WU graduated from the Department of Public Finance and Taxation of Zhongnan University of Finance and Economics (currently known as Zhongnan University of Economics and Law) with a bachelor's degree of economics majoring in public finance in 1995, and obtained an EMBA degree from China Europe International Business School in 2015. She is qualified as a Chinese certified public accountant and a Chinese certified tax agent. Ms. WU is responsible for finance and capital management of the Group. Prior to joining the Group in 2005, Ms. WU worked at Hubei Branch of China Construction Bank and was responsible for accounting and auditing management. From 1999 to 2002, Ms. WU was the chief auditor of Guangdong Foshan Zhixin Certified Public Accountants Co. Ltd. and was responsible for reviewing the auditor's reports. From 2002 to 2005, Ms. WU worked at Shunde Finance Bureau and was responsible for the financial management of foreign investment enterprises. Since joining the Group in 2005, Ms. WU has been mainly responsible for the financial management of the Group. Ms. WU was respectively appointed in March 2018 and resigned in August 2022 as a non-executive director of Country Garden Services Holdings Company Limited, a company whose shares are listed on the Stock Exchange. Ms. WU has 17 years of experience in the management of real estate financial resources and approximately 27 years of experience in financial management. Ms. WU won the 1st place of ``Best CFO -- Property (Combined)/(Sell-Side)'' at the ``2019 All-Asia Executive Team'' and the 1st place of ``Best CFO -- Property (Sell-Side)'' at the ``2020 All-Asia Corporate Executive Team'' organized by financial magazine, Institutional Investor. The Board announces that Mr. YANG has resigned as executive committee member of the Company with effect from 20 December 2022. The Board announces that Mr. YANG has resigned as finance committee member of the Company with effect from 20 December 2022. The Board also announces that Mr. CHENG has been appointed as finance committee member of the Company with effect from 20 December 2022.