New World Department Store China Limited announced that Mr. Cheung Fai-yet, Philip, a non-executive director of the company, will be re-designated as an executive director of the company and Mr. Niu Wei, the chief executive officer and an executive director of the company, will resign as a chief executive officer and an executive director of the company. The changes are effective August 1, 2018. Mr. Cheung shall also be appointed as a member of the executive committee and the remuneration committee of the company with effect from 1 August 2018.

Mr. Cheung had been an executive director of the company between June 2007 and February 2018, and has been the non-executive director of the Company since February 2018.