The board of directors of Planetree International Development Limited announced that upon the recommendation of the nomination committee of the company, Dr. Leung Wing Cheung, William (Dr. Leung) has been appointed as an Executive Director and the Executive Chairman of the company with effect from 2 June 2020. Dr. Leung has more than 40 years of management experience in the finance and banking sector. Dr. Leung was formerly an Executive Director of Hang Seng Bank Limited from August 2009 to August 2011. Dr. Leung is well known for his leadership at the Hang Seng Bank. Rising from Assistant General Manager to Executive Director, he ultimately served as Head of Personal Banking, a role giving him responsibility for the bank's business relating to personal banking and wealth management. His remit of responsibilities also included his chairmanship on the board of Hang Seng General Insurance (Hong Kong) Company Limited from 2005 to 2007 and chairmanship on the board of Bankers Alliance Insurance Company Limited from 2008 to 2011. Dr. Leung also held directorship on the board of Hang Seng Life Limited from 2005 to 2007 and in Hang Seng Insurance Company Limited from 2008 to 2011. From March 2012 to June 2015, he was an Executive Director of Sun Hung Kai & Co. Limited as well as the Chief Executive Officer of Sun Hung Kai Financial Limited. He then served as an Executive Director and the Chief Executive of WeLab Digital Limited from December 2018 to January 2020. He also joined the board of Ping An Securities Group (Holdings) Limited as an Independent Non-Executive Director from December 2017 to February 2020. Dr. Leung has not held any directorships in other public companies, the securities of which are listed on any securities exchange in Hong Kong or overseas in the past three years. Pursuant to the service agreement entered into between Dr. Leung and the company, Dr. Leung has been appointed with a specific term from 2 June 2020 to 1 December 2022 and is subject to the retirement and re-election under the provisions of the bye-laws of the company. Following the appointment of Dr. Leung as the Executive Chairman of the company, Mr. Kwong Kai Sing, Benny has ceased to be the Acting Chairman of the company with effect from 2 June 2020. Mr. Kwong would remain as a Non-Executive Director of the company and the Chairman of the Nomination Committee of the company.