Farnova Group Holdings Limited Announced that Mr. Laud has tendered his resignation as the chief executive officer of the Company with effect from 10 October 2022 as he would like to devote more time on his other business engagements. Following Mr. Laud's resignation, Mr. Mu, the existing chief operating officer of the Company, has been redesignated from chief operating officer to chief executive officer of the Company, with effect from 10 October 2022. Mr. Mu, 59, has been serving as the chief operating officer of the Company since 13 January 2020.

He is currently serving as a general manager (from December 1994) of Tianjin Fude Automobile Service Company Limited. He was a general manager (from October 1999 to June 2004) of Tianjin Xinruifeng Investment Group Company Limited. Mr. Mu has been working on the business for years, who has obtained lots of experiences in management.