New People's Party chairwoman Regina Ip has been named the new convenor of incoming leader John Lee’s Executive Council.

Ip has been a member of Exco since 2012, serving in both the CY Leung and Carrie Lam administrations.

She thanked Lee for the appointment, saying she believes her experience in public service can help the next administration.

"The role of an executive councillor is to give advice to the Chief Executive, and to help explain policies. I have widespread experience of government work and legislative work, so I think I am well-qualified," she told reporters.

Joining Lee’s cabinet is former health minister Ko Wing-man and banker Margaret Leung, as well as Moses Cheng, the current chairman of the Council of the Hang Seng University.

Eliza Chan, a senior member of John Lee’s campaign team and a member of the Chinese People's Political Consultative Conference, is also new to the council.

For lawmakers, DAB vice chairman Gary Chan is in to replace former party vice chair Horace Cheung, who will become the new deputy justice minister in government.

Lawmaker Stanley Ng, who chairs the Federation of Trade Unions, takes over his union's position in Exco from Wong Kwok-kin, who retired from the legislature last December.

Insurance sector lawmaker Chan Kin-por, who chairs Legco's finance committee, will also be joining the team.

He announced soon after the appointment that he will resign from the chairmanship position to strike “a suitable balance of his two roles” as Exco and Legco member.

He told reporters that he wants to become "a bridge" to better reflect people's views to the government, adding that he's very pleased with the new Exco lineup.

"I think it's a very good pick by the incoming CE. Every member has their own expertise and knowledge. I think they'll be good advisors to the new [government]," Chan said.

Staying on from Carrie Lam’s cabinet are Jeffrey Lam of the Business and Professionals Alliance (BPA); Kenneth Lau, chairman of the rural body Heung Yee Kuk and also of the BPA; Tommy Cheung of the Liberal Party; and commerce sector lawmaker Martin Liao.

Joseph Yam, former head of the Monetary Authority, former HKU Council chair Arthur Li, Elderly Commission chairman Lam Ching-choi and barrister Ronny Tong also see their terms in Exco extended.

Those who’ll be bidding farewell to the council also include incumbent Exco convenor Bernard Chan, as well as Laura Cha, Fanny Law, CK Chow and Ip Kwok-him.