HF Foods Group (HFFG) Announces the Resignation of Mr. Zhou Min Ni as Co-Chief Executive Officer and Chairman of the Board of Directors and the Appointment of Russell T. Libby as Chairman of the Board

February 25, 2021 8:11 AM EST

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HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian/Chinese restaurants across the Southeast, Pacific and Mountain West regions of the United States (“HF Group” or the “Company”), announces the voluntary resignation of Mr. Zhou Min Ni as Co-CEO, board member and chairman of the board of directors of the Company effective February 23, 2021.

The current Co-CEO, Mr. Peter Zhang, will become sole CEO and assume full executive responsibility of the Company’s day-to-day operations with immediate effect. The board of directors has also unanimously appointed Mr. Russell T. Libby as the new chairman of the board of directors with immediate effect.

Mr. Libby, a well-respected industry veteran, has nearly 30 years of comprehensive global experience in mergers and acquisitions, strategy, business development, international business, corporate governance, and corporate social responsibility. From 2007 to 2019, he held numerous leadership positions at Sysco Corporation and last served as Sysco’s executive vice president and corporate secretary. Since joining the Company as an independent board member on July 1, 2020, Mr. Libby has demonstrated strong leadership ability, great understanding of the foodservice industry and played a key role in helping the Company navigate through a challenging 2020.

Mr. Peter Zhang, CEO of HF Group said: “I whole-heartedly thank Mr. Ni for his support and leadership and look forward to leading the Company to greater heights after a particularly difficult year for the foodservice industry.”

Mr. Russell Libby, Chairman of the Board of Directors said: “I am grateful for the trust of my fellow board members in appointing me to this leadership position. I want to thank Mr. Ni for his service and leadership of the board”.

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