Shareholders vote to remove Giordano Chairman and CEO Lau Kwok Kuen in Extraordinary General Meeting

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Peter Lau Kwok Kuen (left) and Colin Currie (right).

3rd April 2024 – (Hong Kong) Giordano International (00709.HK) shareholders convened today for an extraordinary general meeting (EGM) to vote on the dismissal of Peter Lau Kwok Kuen, the current chairman and CEO of the company.

During the 2023 annual results conference, Lau stated that he is currently unable to address questions regarding the EGM, while defending the company’s performance, which he attributed to the global economy and the impact of the Covid pandemic.

In response to concerns raised about the company’s declining revenues and operating profits over the past decade, Lau expressed frustration, stating that it is futile to explain to those who lack understanding.

Mark Alan Loynd, the Executive Director, spoke at the 2023 annual results conference, emphasizing that Giordano has consistently adhered to its dividend policy. Any potential changes to the company’s dividend policy will be discussed following the EGM on 3rd April.

During the EGM, shareholders voted in favour of Lau Kwok Kuen’s removal as chairman and CEO, with approximately 66.07% (around 389 million votes) in support and 33.93% (around 199 million votes) against. Consequently, the plan to appoint Colin Currie, the former General Manager of Adidas Asia Pacific and Greater China, as the new CEO was successfully implemented.

Sino Wealth International Limited, a subsidiary of the prominent Cheng family’s flagship company, Chow Tai Fook Enterprises holds the largest single stake in Giordano, with 388 million shares or 24.06%. In February of this year, Sino Wealth International Limited submitted a notice requesting a vote on seven resolutions, including the dismissal of Lau Kwok Kuen, as well as the appointment of Sonia Cheng and Christopher Cheng as non-executive directors, along with the appointment of Wong Wai-tak as an independent non-executive director. All seven resolutions were passed, with an estimated 389 million votes in support, the majority of which came from Chow Tai Fook Holdings.