Euro Tech Holdings Company Limited Announces Appointment of David YL Leung as Chief Executive Officer

Rhea-AI Summary

Euro Tech Holdings Company Limited (NASDAQ: CLWT) has announced the appointment of David YL Leung as the new Chief Executive Officer (CEO), effective February 1, 2022. David, currently a Director, brings significant experience in the Ballast Water Treatment sector and has held key roles within the company since 2011. TC Leung will transition to Chairman of the Board, continuing his support in a non-executive capacity. This planned leadership change aims to strengthen the management team as the company embarks on new business growth opportunities.

Positive

• David YL Leung's extensive experience in the Ballast Water Treatment business is expected to strengthen the company's leadership.
• The planned transition suggests strategic foresight in maintaining company growth.

Negative

• The change in CEO may create a temporary adjustment period affecting company operations.

HONG KONG, Jan. 20, 2022 /PRNewswire/ -- Euro Tech Holdings Company Limited (NASDAQ: CLWT) (the "Company") announced today that effective February 1, 2022, David YL Leung, currently a Director of the Company, will assume the role of Chief Executive Officer ("CEO") of the Company. TC Leung, the Company's current CEO, will continue to serve the Company as the Chairman of the Board.

The Company is delighted to welcome David YL Leung as CEO, who brings a great track record and key experience to help guide the Company during its next phase of development. The transition of the CEO position has been planned for some time.

TC Leung, Chairman of the Company, commented: "The Board of Directors welcomes the transition of the CEO role to David YL Leung. David's experience, especially with Ballast Water Treatment business activities and track record with the Company and its operating subsidiaries, will add further strength to the management team as the company embarks on its next phase of exploration and business growth. I will take a non-executive role in order to continue supporting the Company's development. I am delighted that David has accepted the position as CEO, and I look forward with anticipation to seeing the Company succeed under his leadership."

About David YL Leung

David YL Leung,  has been the General Manager of Yixing Pact Environmental Technology Co., Ltd, Shanghai ("Yixing Pact") since 2011. His responsibility includes management of engineering, sales, marketing, projects, and procurement. Before joining Yixing Pact, he was the Business Development Manager of Euro Tech (Far East) Limited, the parent company of Yixing Pact in Hong Kong, and has been working for the parent company for more than 10 years. Mr. Leung has gained a solid sales and marketing experience in distributing power, analytical and scientific testing equipment in Hong Kong and Macau. He has also worked for a high tech Japanese company focused on power and electrical testing instrument in Japan from 2000 and 2001 as a trainee. Mr. Leung is an environmental studies graduate from Carleton University, Ottawa, Canada (1997) with a special focus on Environmental Impact Assessment, and a Master of Management graduate from Macquarie Graduate School of Management, Sydney Australia (2010).

Forward-Looking Statements

Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements contained in this release relate to, among other things, the Company's ongoing compliance with the requirements of The NASDAQ Stock Market LLC. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should'" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports on Form 20-F filed with the Securities and Exchange Commission (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Website: http://www.euro-tech.com

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SOURCE Euro Tech Holdings Company Limited

FAQ

Who is David YL Leung and what is his background?

David YL Leung is the newly appointed CEO of Euro Tech Holdings, previously serving as a Director and General Manager at Yixing Pact. He has over a decade of experience in environmental technology.

Why did Euro Tech Holdings change its CEO?

The transition aims to leverage David YL Leung's experience for strategic growth as the company enters a new development phase.

When does the new CEO take over at Euro Tech Holdings?

David YL Leung's appointment as CEO is effective February 1, 2022.

What role will TC Leung have after the CEO transition?

TC Leung will continue as Chairman of the Board in a non-executive role to support the company's development.

What are the expected impacts of David YL Leung's appointment on Euro Tech Holdings?

His leadership is anticipated to enhance company growth, particularly in the Ballast Water Treatment sector.