IRC Limited announced Mr. Denis Vitalievich Cherednichenko has been appointed as the Chief Executive Office of the Company. Mr. Cherednichenko will also be appointed as the Chairman of the Executive Committee of IRC. Mr. Denis Vitalievich Cherednichenko, aged 44, has 25 years of experience in management at oil and gas and medical technology groups and acted also as an in-house legal counsel as well as the Vice President of Medical Systems, a pharmaceutical and medical equipment supplies company in Russia, and the CEO of a medical equipment company.

He was the CEO of JSC Rosatom Healthcare, Enterprise of State Corporation Rosatom, a radiopharmaceuticals company in Russia. He holds a Law degree from the Ural State Law Academy in Russia, a Master of Laws from the University of Manchester in the United Kingdom and a Master Degree from the Academy of National Economy under the Government of the Russian Federation. Mr. Cherednichenko does not have any relationship with any directors, senior management, or any substantial or controlling shareholders of the Company, and has not held any directorships in other listed companies, whether in Hong Kong or overseas, in the last three years.

Save for his appointment as an executive director, Mr. Cherednichenko does not hold any position with the Company or any subsidiary of the Company. Mr. Cherednichenko has entered into a service contract with the Company under which he agrees to act as Chief Executive Officer and to serve as an executive director of the Company commencing 1 July 2022. The Remuneration Committee of the Company is currently in discussion with Mr. Cherednichenko to determine his remuneration under the remuneration policy.

Details of Mr. Cherednichenko's remuneration will be disclosed as soon as practicable after the terms of his remuneration have been determined. Either Mr. Cherednichenko or the Company may terminate such appointment at any time by giving twelve months' written notice. As Mr. Cherednichenko has been appointed by the Board, in accordance with the Company's articles of association, Mr. Cherednichenko shall hold office as a director until the date of the next annual general meeting of the Company and will then be eligible for re-election for a term of three years.

The company also announced that Mr. Danila Kotlyarov has relinquished his role as the Interim CEO.