Pacific Textiles Holdings Limited (01382) has announced that effective April 1, 2026, existing Chairman and Chief Executive Officer, Mr. Masaru Okutomi, will step down and retire from his roles. He will also relinquish his position as an executive director, as well as his membership on the nomination committee and remuneration committee of the organization. According to the official announcement, Mr. Okutomi has confirmed there are no disagreements with the board and no matters requiring further shareholder attention.

From April 1, 2026, Mr. Teruo Funahashi will assume the positions of Chairman, Chief Executive Officer, executive director, and a member of both the nomination committee and remuneration committee. The announcement indicates that Mr. Funahashi, aged 62, holds a bachelor’s degree in law from Seijo University of Japan and has held various senior roles with Toray Industries, Inc. and its subsidiaries. Prior to taking up the leadership at Pacific Textiles, he will step down from his current responsibilities at Toray and its affiliates.

The service agreement signed with Mr. Funahashi covers a term from April 1, 2026, to March 31, 2028, with an annual remuneration of approximately HK$4,542,000 (including salary and director’s fee), plus a discretionary bonus. His directorship will be subject to rotation and re-election in line with Pacific Textiles’ articles of association and listing requirements.

On the same date, Mr. Okutomi will cease to act as the company’s authorized representative under the Listing Rules and process agent under Hong Kong laws. Mr. Funahashi will succeed him in both roles, also with effect from April 1, 2026.