New World Department Store China Limited announced resignation of Mr. Ho Kwok Leung, Ivan from chief executive officer of the Company with effect from 15 August 2019 in order to pursue other personal commitments. Due to the resignation, Mr. Ho shall cease to be a member of the executive committee and the remuneration committee of the board of directors of the Company with effect from 15 August 2019. The Board announced that Mr. Cheung Fai-yet, Philip an executive Director, a member of the executive committee and remuneration committee of the Board, has been appointed as the chief executive officer of the Company with effect from 15 August 2019.

Mr. Cheung, aged 64, had been an executive Director in June 2007 and became a non-executive Director in February 2018. Mr. Cheung has been re-designated as an executive Director since August 2018 and became a member of the executive committee and the remuneration committee of the Board. Mr. Cheung is also a director of a number of the subsidiaries of the Company.

He was the Managing Director up to his resignation from such office on 17 March 2017. Mr. Cheung joined the Company and its subsidiaries (the "Group") in 1993 and has been responsible for the overall management of the Group. He has over 40 years of experience in the retail industry and possesses extensive experience in managing retailing stores in the People's Republic of China, Hong Kong and Taiwan.

Prior to joining the Group, Mr. Cheung has held various senior management positions in large retail groups in Hong Kong and Taiwan including working as a general manager in a large Japanese department store and as a general manager in the retail division of a UK based conglomerate in Hong Kong and as a general manager in a large pharmaceutical retail company in Taiwan.