New World Department Store China Limited announced the following changes in the role of the joint chief executive officer of the Company and the composition of the committees of the Board: In order to devote more time to his personal commitments, Mr. Cheung Fai-yet, Philip ("Mr. Cheung") will resign from his roles as a joint chief executive officer of the Company and the chairman of the executive committee of the Board with effect from 1 July 2023. Mr. Cheung will continue to serve as an executive Director, a member of each of the Executive Committee, the nomination committee of the Board and the remuneration committee of the Board. In light of the changes in the roles of Mr. Cheung in the Company, his remuneration shall be revised to HKD 220,000 per month (plus discretionary performance bonus) with effect from 1 July 2023, which shall be subject to review of the Remuneration Committee and the Board from time to time with reference to his duties and responsibilities and the Company's performance and profitability. The renewed term of Mr. Cheung's service as an executive Director commences from 1 July 2023 to 30 June 2026, subject to the requirements for retirement by rotation and re-election in accordance with the articles of association of the Company. The annual director's fee of Mr. Cheung as an executive Director, as covered by his appointment letter with the Company dated
30 June 2023, is HKD 150,000, which is determined based on his duties, responsibilities, qualifications and experiences, the prevailing market condition and the Company's profitability and remuneration policy, and is subject to review of the Remuneration Committee and the Board from time to time. The Board announced that, following the resignation of Mr. Cheung as a joint chief executive officer of the Company and the chairman of the Executive Committee on 1 July 2023, Ms. Xie Hui-fang, Mandy ("Ms. Xie"), the other joint chief executive officer of the Company, will be re-designated as the chief executive officer of the Company (the "Chief Executive Officer"), and will also be appointed as the chairman of the Executive Committee, a member of each of the Nomination Committee and the Remuneration Committee, all with effect from 1 July 2023. Ms. Xie will continue to serve as an executive Director. Ms. Xie Hui-fang, Mandy, aged 47, was appointed as an executive Director and a joint chief executive officer of the Company in May 2021. She joined the Group in 2001 and was appointed as a member of the Executive Committee in 2019, and is responsible for monitoring and supervising the legal affairs, contractual management, human resources strategy and development, staff training and administrative management of the Company. In addition, Ms. Xie is also in charge of matters relating to the overall management of the Company, promoting the business development and implementing the operational strategy of the Company. Ms. Xie is also a director and/or legal representative of a number of subsidiaries of the Company. Ms. Xie graduated from the East China University of Political Science and Law, and has over 20 years of managerial experience at large-scale corporate chain stores. She has extensive experience in the management of legal affairs, structuring of corporate risk management system, corporate governance, project management and planning. She is also experienced in areas such as formulating human resources strategy, planning staff development and training, as well as corporate administrative management.