The Board of Directors of Deswell Industries, Inc. is saddened to announcedthat Mr. Richard Pui Hon Lau, the Company's chairman, passed away on June 12, 2023. The Board of Directors also announced the appointment of Mr. Chin Pang Li as the Chairman of the Board of Directors. Mr. Li has served the Company as a Member of the Board of Directors and in various executive capacities with the Company and its predecessors since its inception in 1987.

He became Secretary of the Company in February 1995 and Chief Financial Officer in May 1995, a position which he held until March 31, 2006. Mr. Li received his Bachelor of Science degree from Chun Yan Institute College, Taiwan in 1967. Additionally, the Board of Directors announces the appointment of Mr. Ben Yiu Sing Poon as interim Director, until the Company's 2023 Annual General Meeting, or other shareholders' meeting called before such date, when his appointment shall be submitted for shareholder approval.

Mr. Poon has been working in one of the company's major subsidiaries since 2002. He received his bachelor's degree in mechanical engineering design from Northeastern University in Massachusetts in 2002. He has been working in the plastic injection manufacturing industrial field for 21 years and was appointed as a General Manager of a major subsidiary since 2022.

Mr. Poon is the nephew of Mr. Lau. Mr. Lau and the Board had taken care over the years to ensure that the Company and its subsidiaries would be prepared to continue in his absence.