HANG LUNG GROUP (00010.HK) and HANG LUNG PPT (00101.HK): Appoints Leo Tsoi as Executive Director and CEO Designate, to Succeed Weber Wai Pak Lo as CEO from October

NewTimeSpace News: Hang Lung Group Limited (stock code: 00010) and Hang Lung Properties Limited (stock code: 00101) issued a joint announcement on August 7, appointing Mr. Leo Tsoi as executive director and chief executive officer designate of the Group, effective September 7, 2026, who will succeed Mr. Weber Wai Pak Lo as chief executive officer from October 1, 2026.

Mr. Tsoi, aged 56, has more than 30 years of leadership experience in the consumer goods, retail, food and beverage, and toy industries across Greater China and the Asia-Pacific region. He has served as chief executive officer and executive director of Toys "R" Us (Asia) Limited since April 2023. Prior to that, he worked at Starbucks (China) Co., Ltd. for over a decade from 2012 to 2023, and was appointed chief executive officer and a member of the global executive leadership team in 2021. Earlier, he spent nearly a decade with PepsiCo Greater China from 2003 to 2012, and began his career at Procter & Gamble. He currently serves as a member of the Toys Industry Advisory Committee of the Hong Kong Trade Development Council, and served as an independent non-executive director of PURE Group from May 2020 to November 2024.

Regarding remuneration, Mr. Tsoi will receive an annual salary of HKD 20,520,000 and a bonus of no less than HKD 2,530,000 for 2026, with subsequent bonuses to be determined at the discretion of the Board based on his performance. He will also be granted share options to subscribe for 10,000,000 shares of Hang Lung Properties, and is entitled to directors' fees of approximately HKD 1,554,000 per annum for serving on the boards of both companies.

Immediately after Mr. Lo steps down as executive director and chief executive officer of the Group on September 30, 2026, he will be appointed as advisor to the chairman for a term of one year, effective October 1, 2026. Mr. Lo confirmed that he has no disagreement with the Board, which expressed its gratitude for his eight years of service to the Group.

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