Skillful Craftsman Announces Board Changes
Skillful Craftsman Education Technology Ltd. (NASDAQ: EDTK) announced significant changes to its board of directors effective June 1, 2021. Key appointments include Bin Fu as a director and Steven Yuan Ning Sim as chairperson of the Audit Committee. Huiqing Ye will chair the Nominating and Corporate Governance Committee. H. David Sherman resigns from the board but will remain an independent advisor. Following these changes, the board now consists of five directors, with three being independent. This restructuring aims to enhance corporate governance and oversight.
- New appointments to the board may strengthen governance, with three out of five directors being independent.
- The appointment of a financial expert as chairperson of the Audit Committee can enhance financial oversight.
- Resignation of a board member may raise concerns about stability and experience on the board.
WUXI, China, June 01, 2021 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company” or “Skillful Craftsman”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced following changes to its board of directors (“Board”) and Board committees, effective on June 1, 2021:
- appointment of Mr. Bin Fu, the Company’s Co-Chief Executive Officer, as a director of the Company;
- appointment of Mr. Steven Yuan Ning Sim, an independent director who satisfies the qualification of an “audit committee financial expert,” to serve as the chairperson of the Audit Committee, replacing Mr. H. David Sherman;
- appointment of Mr. Huiqing Ye, an independent director of the Company, to serve as a member of the Audit Committee, and as the chairperson of the Nominating and Corporate Governance Committee replacing Mr. Steven Yuan Ning Sim; and
- Mr. H. David Sherman has resigned from his roles in the Board but will remain as an independent advisor to the Company.
Immediately following the foregoing changes, the Company’s Board will consist of five directors, including three independent directors. The Company’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee will continue to solely comprise independent directors with the following compositions:
| Audit Committee | Compensation Committee | Nominating and Corporate Governance Committee | |
| Chairperson | Steven Yuan Ning Sim | Limin Huang | Huiqing Ye |
| Member | Limin Huang | Steven Yuan Ning Sim | Steven Yuan Ning Sim |
| Member | Huiqing Ye | Huiqing Ye | Limin Huang |
Mr. Xiaofeng Gao, Chairman and CEO of Skillful Craftsman, commented, “On behalf of our Board and the Company, I would like to thank Mr. H. David Sherman for his vision, dedication and contribution to the Company’s IPO progress during his tenure. We look forward to our continued collaboration in the future.”
About Skillful Craftsman
Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. For more information, please visit: http://ir.kingwayup.com/.
Safe Harbor Statement
This report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.
Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements described in or implied by such statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
For investor and media enquiries, please contact:
Skillful Craftsman
Investor Relations Department
Email: iredtk@kingwayedu.cn
Ascent Investor Relations LLC
Tina Xiao
Tel: +1 917-609-0333
Email: tina.xiao@ascent-ir.com
FAQ
What changes were announced for Skillful Craftsman Education Technology Ltd. on June 1, 2021?
Who is the new chairperson of the Audit Committee for EDTK?
How many independent directors are on the board of EDTK after the June 1 changes?
What position did H. David Sherman hold at EDTK before his resignation?
