BEIJING, Sept. 17, 2021 /PRNewswire/ -- RYB
Education, Inc. ("RYB" or the "Company") (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."
About RYB Education, Inc.
Founded on the core values of "Care" and "Responsibility,"
"Inspire" and "Innovate," RYB Education, Inc. is a leading early
childhood education service provider in China. Since opening its first play-and-learn
center in 1998, the Company has grown and flourished with the
mission to provide high-quality, individualized and age-appropriate
care and education to nurture and inspire each child for his or her
betterment in life. During its two decades of operating history,
the Company has built "RYB" into a well-recognized education brand
and helped bring about many new educational practices in
China's early childhood education
industry. RYB's comprehensive early childhood education solutions
meet the needs of children from infancy to 6 years old through
structured courses at kindergartens and play-and-learn centers, as
well as at-home educational products and services.
For more information, please
visit http://ir.rybbaby.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's brand recognition and market reputation; the Company's
growth strategies; trends and competition
in China's early childhood education market; changes in
its revenues and certain cost or expense items; the expected growth
of the Chinese early childhood education market; Chinese
governmental policies relating to the Company's industry and
general economic conditions in China. Further information
regarding these and other risks is included in the Company's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
In China:
RYB Education, Inc.
Investor Relations
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Yang Song
Tel: +86 (10) 6508-0677
E-mail: ryb@tpg-ir.com
In the United
States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com
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SOURCE RYB Education, Inc.