Kerry Logistics Network Limited announced that Mr. Ma will retire and cease to act as an Executive Director, a member of the Remuneration Committee, and the chairman of each of the Finance Committee and Risk Management Committee with effect from the April 27, 2023. Mr. Ma did not offer himself for re-election as an Executive Director in order to devote more time to his personal and family affairs. Mr. Ma will remain as the Group Managing Director until 30 September 2023.
With effect from 1 October 2023, Mr. Ma will be appointed as the Chief Advisor to the Company and its subsidiaries for a period of 3 years. As Mr. Ma will become a former director of the Company in the last 12 months, and therefore a connected person of the Company, the transactions contemplated under the proposed engagement of Mr. Ma constitute continuing connected transactions of the Company under Chapter 14A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The terms of such engagement are still under negotiation and further announcement in respect of the proposed engagement of Mr. Ma will be made by the Company once the parties enter into a letter of engagement.
The Board announces that Mr. Cheung will be re-designated as the Group Managing Director of the Company with effect from 1 October 2023, will be appointed as a member of the Remuneration Committee and the chairman of each of the Finance Committee and the Risk Management Committee, and will step down as the chairman of the Sustainability Committee with effect from the April 27, 2023. Mr. Cheung, aged 63, has been an Executive Director since April 2020 and became the Managing Director of the Company in July 2022, and chairman of the sustainability committee of the Company in November 2022. He is also a member of the Finance Committee.
Mr. Cheung is a director of Apex Maritime Co. Inc. and its affiliates, which have become wholly-owned subsidiaries of the Company and been trading as Kerry Apex since 2020. Mr. Cheung founded Apex Group, a group of freight forwarding companies, in 1990 and has been its director since then.
Apex Group has been recognised as one of the top three volume providers for the Transpacific Trade. Mr. Cheung is also a director of various subsidiaries of the Company. Mr. Cheung obtained a bachelor's degree in science (business administration and accounting) from San Francisco State University in the United States in 1985.
The Board announces that Mr. Ellis Cheng will be appointed as an Executive Director, a member of the Finance Committee and the chairman of the Sustainability Committee with effect from the April 27, 2023. Mr. Ellis Cheng, aged 58, joined the Group in August 2009 as Chief Financial Officer. He is a member of each of the Risk Management Committee and Sustainability Committee, and also a director of various subsidiaries of the Company.
He was a director of Kerry TJ Logistics Company Limited (a company listed on Taiwan Stock Exchange Corporation, stock code 2608), from June 2016 to September 2021. Mr. Ellis Cheng is a Fellow of the Association of Chartered Certified Accountants, the Hong Kong Institute of Certified Public Accountants, as well as a chartered accountant and a chartered secretary. He has over 30 years of experience in auditing, financial control and corporate finance and previously worked in an international accounting firm and held key finance positions in companies whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited.
He is a senior officer of the Hong Kong Auxiliary Medical Service ("AMS"), a senior fellow advisor of the AMS Officers' Club, a member of the Audit Committee of the Hong Kong Committee for UNICEF and the Advisory Committee of School of Decision Sciences and an adjunct professor of The Hang Seng University of Hong Kong. Mr. Ellis Cheng obtained a bachelor of arts degree in accountancy from The Hong Kong Polytechnic University in November 1996 and an executive master's degree in business administration from The Chinese University of Hong Kong in December 2008. CHANGE OF COMPOSITION OF BOARD COMMITTEES: Remuneration Committee - The Board announces that with effect from the Effective Date: Mr. Ma will cease to be a member of the Remuneration Committee; and Mr. Cheung will be appointed as a member of the Remuneration Committee.
Finance Committee: The Board announces that with effect from the Effective Date: Mr. Ma will cease to be the chairman and member of the Finance Committee; Mr. Cheung is an existing member and will be appointed as the chairman of the Finance Committee; and Mr. Ellis Cheng will be appointed as a member of the Finance Committee. Risk Management Committee: Mr. Ma will cease to be the chairman and member of the Risk Management Committee; and Mr. Cheung will be appointed as the chairman and member of the Risk Management Committee.