New Oriental Education (EDU) Names New CEO

September 2, 2016 6:28 AM EDT

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New Oriental Education and Technology Group Inc. (NYSE: EDU) announced that the Company's Board of Directors (the "Board") appointed Mr. Chenggang Zhou, the Company's current President, as Chief Executive Officer of New Oriental, effective September 2, 2016. Mr. Zhou succeeds Mr. Michael Minhong Yu, Founder, Chairman and Chief Executive Officer, who will become Executive Chairman of the Board and continue to oversee the Company's business strategies and operations.

Mr. Zhou joined New Oriental in 2000 and since then has held multiple management positions in the Company, including President, Executive President for Domestic Business, Executive Vice President, Vice President and President of Beijing and Shanghai New Oriental Schools.

Mr. Michael Minhong Yu, Executive Chairman of the Board of Directors, commented, "I am extremely pleased to announce the promotion of Chenggang to the position of Chief Executive Officer. Throughout his 16-year career with New Oriental, Chenggang has demonstrated outstanding leadership, true passion about our mission and a strong commitment to our values. With the notable progress and ongoing evolution of New Oriental, the Board and I agreed that this was an opportune time to effect a seamless transition to a new leadership team. At the same time, I am delighted that I will continue to be a part of that team as Executive Chairman of the business and look forward to continuing to work with this great company. I thank Chenggang for his tremendous contributions thus far and we are confident that he is the right leader at the right time to build on our successes to date and bring New Oriental to even greater heights."

Mr. Chenggang Zhou, Chief Executive Officer, added, "I am honored and excited to lead New Oriental into its next phase of growth, expanding the Company's leading market position and delivering new and exciting products to our students. I want to thank Mr. Yu and the Board for their longstanding appreciation and trust as well as their confidence in both me and New Oriental's future. Already a dominant leader, New Oriental has a strong foundation in place and on which we will be able to build further. I look forward to working with the entire New Oriental team to seize the opportunities ahead, focusing clearly, moving strategically and continuing to innovate in order to evolve and remain a clear leader in our dynamic market and industry."

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