Ausnutria Dairy Corporation Ltd. announced that Mr. Bartle van der Meer an executive Director and the chief executive officer of the Company (the ‘CEO'), will step down from the role as the CEO with effect from 27 January 2023. Mr. van der Meer will remain as an executive Director and his other roles and positions within the Group and will focus on corporate merger and acquisition, dairy supply related strategies and management and new capital expenditure projects in the Netherlands. The Board also announced that Mr. Yan Weibin (‘Mr. Yan'), an executive Director and the chairman of the Board, has been appointed by the Board to succeed Mr. van der Meer as the CEO with effect from 27 January 2023.

Mr. Yan will assume the dual roles of the chairman of the Board and CEO. The Board believes that having the same individual in both roles as chairman of the Board and CEO ensures that the Group has consistent leadership and could make and implement the overall strategy of the Group more effectively. The Board believes that this structure does not compromise the balance of power and authority and the Board will regularly review the effectiveness of this structure to ensure that it is appropriate to the Group's circumstances.