Kasen International Holdings Limited Announces Executive Changes
the main businesses of the Group and the development direction of new businesses in the futurerequired for the position of chief executive officer, the Company is unable to determine as to when the appointment of a new chief executive officer for the Company can be effected. The Board will keep this matter under review. The biographical details of Mr. Zhu Zhangjin are set out below: Mr. Zhu Zhangjin, Kasen aged 56, is the founder of the Group. Mr. Zhu Zhangjin is also an executive Director and chairman of the Board. He was the chief executive officer of the Company from 2005 till February 28, 2020, whereupon he resigned and stepped down from the position as the chief executive officer of the Company with effect thereon. Before founding the Group in 1995, Mr. Zhu Zhangjin was involved in several business ventures in the areas of textile, leather processing, garment, trading, etc. With over 34 years of experience in the leather manufacturing industry, Mr. Zhu Zhangjin has extensive knowledge in the upholstered furniture industry in the PRC and has been a successful entrepreneur in leather manufacturing related businesses. Mr. Zhu Zhangjin is also the vice chairman of the China Leather Association. In recognition of his contribution to promote the development of the leather manufacturing industry, Mr. Zhu Zhangjin was awarded the "Top Ten Businessmen in Zhejiang" in 2004. In 2006, Mr. Zhu Zhangjin was one of the 10 recipients of the prestigious "National May 4th Youth Award. In 2007, Mr. Zhu Zhangjin received the National May Day Award. Mr. Zhu Zhangjin entered into a service contract as an executive Director on 26 September 2020 with the Company for a term of three years from 26 September 2020. The emolument of Mr. Zhu Zhangjin comprises an annual remuneration of HKD 750,000, which was determined by the Board based on the recommendation from remuneration committee of the Company with reference to his experience, duties and responsibilities with the Company and the Company's remuneration policy and does not include any bonus payments. He is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the articles of association of the Company. Mr. Zhu Zhangjin will not receive emolument for the appointment as the CEO.