Pacific Assets Trust plc announced that the Chairman of the Board, James Williams, intends to retire from the Company's Board of Directors on 31 May 2023. Mr. Williams has been an independent non-executive director on the Board since 2013 and Chairman since 2015. The Company further announces that Andrew Impey, an independent non-executive director who was appointed to the Board on 1 August 2022, will succeed Mr. Williams as Chairman of the Board, with effect from 1 June 2023.