Cathay International Holdings Limited announced that Mr. Wu Zhen Tao has been appointed as Chairman of the company with immediate effect. Mr. Wu's appointment as Chairman follows the retirement of Mr. Sum Soon Lim from the position after six years of service. Mr. Sum will remain on the board as an independent Non-executive Director of the Company.

Prior to his appointment as Chairman, Mr. Wu was an Executive Director of the Company, and Chairman of Cathay's Executive and Remuneration Committee and is also a founder of the Group. As Sum Soon Lim will remain on the Board as a non-executive director, following the appointment of Mr. Wu, the Company will have two independent directors; Mr. Kenneth Toong, who is considered independent of character and judgement within the criteria set within the Code, and Mr. Sum, who was independent upon his appointment to the Board and is not involved in the day to day affairs of the Company.