That person (polite): a respectful expression for 'that person', used to refer to someone politely.
その方はこの会社の元代表取締役です。
That person is the former CEO of this company.
その方に事情を説明していただけますか？
Could you explain the situation to that person?
もしその方がよろしければ、こちらにお座りください。
If that person is willing, please have a seat here.