RYB Education (RYB) Announces Resignation of Board Chair; Gang Chen Appointed as New Board Chair

RYB Education, Inc. (NYSE: RYB), a leading early childhood education service provider in China, today announced the resignation of Mr. Chimin Cao as the chairman of the board of directors (the "Board") of the Company and the re-designation of him as the honorary chairman of the Board, the resignation of Mr. Cen Shi as a director of the Board and the re-designation of him as an observer of the Board, and the appointment of the Mr. Gang Chen as the chairman of the Board, effective September 17, 2021. Mr. Cao will remain as a director of the Board. Mr. Cao and Mr. Shi resigned from their current positions for personal reasons and not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Cao will also no longer serve on the nominating and corporate governance committee of the Board. The Company is grateful of Mr. Cao's contribution over the years as the co-founder of the Company. Mr. Dennis Demiao Zhu is appointed as the chair and Mr. Joel A. Getz as a member of the corporate governance and nominating committee of the Board, effective September 17, 2021. Ms. Yanlai Shi, co-founder of the Company, will continue to act as director and Chief Executive Officer, while Mr. Hao Gu remains as Chief Financial Officer of the Company.

Mr. Gang Chen is a partner of Ascendent Capital Partners, where he has been heavily involved in managing its portfolio companies and accumulated extensive experience in operations and corporate management. Prior to joining Ascendent, he served as the chief strategist for Biltmore Capital Group and head of alternative investment group for CMS Companies. Mr. Chen received his bachelor's degree from East China Normal University where he worked for a few years after graduation. He obtained a master of business administration degree from the Yale School of Management.

Mr. Gang Chen, RYB's new chairman of the Board commented, "RYB firmly supports the governmental strategies and policies related to pre-school education, and is fully committed to promoting inclusive education. Going forward, RYB will continue to actively uphold our social responsibilities. We will serve the overall national development, operate in compliance with laws and regulations, and continuously improve the quality of education and services. Furthermore, we will increase our investments in digital transformation, refined operations, teacher training and safety management, making practical moves to actively implement policies that aim to provide accessible education to young children and better services to families and the society."

You May Also Be Interested In

• HP Inc. (HPQ) Amends Bylaws to Decrease Board to 12 Seats
• HUB Cyber Security (HUBC) Strongly Responds To Dominion’s Misleading Lawsuit; Reaffirms Dedication To Expansion And Worldwide Customer Support
• Intrepid Potash (IPI) Grants CEO Temporary Medical Leave of Abscence