Yue Yuen Industrial (Holdings) Limited announced that Mr. Hsieh Yung Hsiang (also known as Alfred Hsieh) has decided to retire as an independent non-executive director of the Company and resign as a member of the audit committee and a member of the remuneration committee of the Company upon completion of his terms of appointment on March 25, 2020. The company also announced that Mr. Chen Chia-Shen has been appointed as an independent non-executive director of the Company, a member of the audit committee and a member of the remuneration committee of the Company with effect from January 10, 2020 in anticipation of Mr. Hsieh's intended retirement. Mr. Chen retired as the professor of the Department and Graduate Institute of Business Administration in July 2019 and currently acts as an adjunct professor. He was also an independent director of CPC Corporation.