The board of directors of Phoenix Media Investment (Holdings) Limited announced that Mr. Liu Changle (Mr. Liu) has stepped down from his role as Chief Executive Officer of the company due to other work arrangement, with effect from 26 February 2021. Mr. Liu will remain as the Chairman of the Board and an executive Director. The Board considers that the resignation of Mr. Liu as Chief Executive Officer of the company can enhance the corporate governance of the Group by splitting the roles of the Chairman and the Chief Executive Officer in compliance with the Corporate Governance Code as set out in Appendix 14 to the Rules (the Listing Rules) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Stock Exchange). The Board further announced that Mr. Xu Wei (Mr. Xu) has been appointed as the Chief Executive Officer of the Company with effect from 26 February 2021.