Velocity Property Group Limited announced that Mr. Michael Pearson and Ms. Cherie Leatham have tendered their resignations in respect of their positions as directors of Velocity. Their resignations became effective immediately following the closing of Velocity's extraordinary general meeting held on March 6, 2020. Velocity's board of directors (Board) has elected Tony Pitt as the new Chairman of the Board. Both Mr. Pearson and Ms Leatham have made significant and important contributions to the commercial development of Velocity and displayed outstanding dedication to their roles, and the Board wishes Mr. Pearson and Ms Leatham every success in the future. The Board has also approved the appointment of Mr. Tony Pitt and Mr. James Storey, existing non-executive directors of Velocity, to Velocity's audit and risk management committee (ARMC). Mr. Storey will also assume the role as Chairman of the ARMC.