The boards of directors of the Trustee-Manager and the Company announce the following changes all with effect from 1 July 2023: (1) Mr. WAN Chi Tin will retire as an Executive Director of the Boards and Chief Executive Officer of the Company, and will concurrently cease to be the Chairman of the Sustainability Committee of the Company; (2) Mr. CHENG Cho Ying, Francis, an Executive Director of the Boards, will be appointed as Chief Executive Officer of the Company and the Chairman of the Sustainability Committee of the Company;
(3) Mr. KWAN Ying Leung will be appointed as an Executive Director of the Boards and a member of the Sustainability Committee of the Company; and (4) Mrs. CHOW WOO Mo Fong, Susan will cease to be the Alternate Director to Mr. FOK Kin Ning, Canning, the Chairman of the Boards. Mr. CHENG Cho Ying, Francis, aged 66, has been an Executive Director of the Boards of the Trustee-Manager and the Company since December 2013 and will be appointed as Chief Executive Officer of the Company with effect from 1 July 2023. He is currently the Operations Director of HK Electric and will be promoted as its Managing Director with effect from 1 July 2023. Mr. Cheng will be appointed as an Executive Director of Power Assets Holdings Limited (a listed company and a substantial holder of Share Stapled Units for the purpose of Part XV of the Securities and Futures Ordinance ("SFO")) with effect from 1 July 2023. Mr. Cheng has worked for the Group since 1979, previously served as the General Manager (Generation) of HK Electric. He holds a Bachelor's degree in Chemistry and is a Fellow of the Royal Society of Chemistry in the United Kingdom, and a Fellow of The Hong Kong Institution of Engineers. Mr. KWAN Ying Leung, aged 62, currently the General Manager (Projects) of HK Electric, will be appointed as a Director of HK Electric and promoted to the position of Engineering Director with effect from 1 July 2023 to be responsible for all the engineering activities of the Group, including the development and operation of power generation, transmission and distribution systems. He has been with the Group since October 1983, and has over 30 years of experience in the management and execution of power projects. He holds a Bachelor of Science degree in Engineering. He is a Chartered Engineer, a member of The Hong Kong Institution of Engineers and a member of The Institution of Mechanical Engineers in the United Kingdom.