Richard Li Steps Down at PCCWRichard Li Steps Down at PCCW

HONG KONG -- The Board of Directors of PCCW Limited is pleased to announce that Mr. Jack So will join the company as Group Managing Director and Deputy Chairman at a date no later than September 24, 2003. Mr. Richard Li will remain as chairman of PCCW but will relinquish his role as Chief Executive. On the appointment of Mr. So, the Chief Executive position will be retitled Group Managing Director and will be filled by Mr. So.

Mr. Li said: "Over the past 12 months, we have been strengthening the senior management of PCCW. Jack’s appointment represents a significant achievement for us. He is one of the region’s most successful and admired executives, and his understanding of Hong Kong’s economic and business landscape will be of huge value to us. I am delighted that a person of Jack’s talent, experience and knowledge is joining PCCW."

Mr. Mike Butcher, PCCW Chief Operating Officer and Chairman of the Operational Committee, said: "PCCW has made great strides to improve our financial performance, to streamline operations and to continue to build the business for the future. Jack's appointment is an exciting development for the Company and will add new energy to this process." Mr. Butcher will continue to manage the Company's operations and strategic development.

Mr. So said: "I am very happy to be joining PCCW's management team and look forward to working closely with my new colleagues and with the Board. I will devote myself to working for the benefit of all of PCCW's stakeholders -- our shareholders, our customers, and our staff."

Chief Operating Officer Mike Butcher and Group Chief Financial Officer Alex Arena will report to Mr. So.

PCCW