OneSmart Announces Changes to Board of Directors and Management

Rhea-AI Summary

OneSmart International Education Group Limited (NYSE: ONE) announced on June 26, 2021, the resignation of Mr. Honggang (Greg) Zuo, the director and CFO, effective June 25, 2021, due to family reasons. Mr. Qiang (Eason) Zhou, vice president of finance since 2008, will assume reporting directly to CEO Steve Zhang. The company plans to appoint a new CFO soon. OneSmart, a premier K-12 education provider in China, operates 457 learning centers nationwide as of February 28, 2021, focusing on premium educational services.

Positive

• Eason Zhou's extensive experience in finance may strengthen leadership.
• Zhou has been with the company for over a decade, ensuring continuity in financial operations.

Negative

• Greg Zuo's departure may raise concerns about leadership continuity.
• Potential experience gap until a new CFO is appointed.

SHANGHAI, June 26, 2021 /PRNewswire/ -- OneSmart International Education Group Limited (NYSE: ONE) ("OneSmart" or the "Company"), a leading premium K-12 education company in China, today announced that Mr. Honggang (Greg) Zuo, the Company's director, chief financial officer and chief strategic officer, has tendered his resignation from the foregoing positions due to family reasons, effective June 25, 2021.

Concurrently, Mr. Qiang (Eason) Zhou, vice president of finance, will report directly to Mr. Steve Zhang, the Company's chief executive officer. Mr. Zhou joined OneSmart in 2008 and has served successively as financial controller, senior financial controller, assistant vice president and vice president of finance of the Company. Mr. Zhou is currently in charge of corporate finance, tax, financing and internal control matters of the Company. Prior to 2008, Mr. Zhou held a number of financial leadership roles at several media companies. Mr. Zhou has more than 20 years of experience in financial management and is a certified internal auditor.

Mr. Steve Zhang, chairman and chief executive officer of OneSmart, commented, "I would like to thank Greg for his contributions to OneSmart during his tenure on the Board. I wish him all the best in his future endeavors. I am confident that Eason's leadership and extensive financial and investment experience will continue to add significant value as OneSmart moves into its next phase of growth."

The Company intends to appoint a new chief financial officer in due course. After Mr. Zuo steps down from the board of directors, there will be four incumbent directors: Mr. Xi Zhang, Ms. Zhizhi Gong, Mr. Mason Xu and Dr. Yan Gong, of which Mr. Mason Xu and Dr. Yan Gong are independent directors.

About OneSmart

Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is a leading premium K-12 after-school education company in China. Our vision is to be the most trusted and heart-warming education company and our mission is POWER LEARNING changes the future with technology advancement. Our company culture is centered on the core values of customer focus, excellence, integrity, and technology and innovation.

The Company has built a comprehensive premium K-12 education platform that encompasses OneSmart VIP business, HappyMath, and FasTrack English, and OneSmart Online. As of February 28, 2021, OneSmart operates a nationwide network of 457 learning centers in China.

For more information on OneSmart, please visit http://ir.onesmart.org.

For more information, please contact:
OneSmart
Ms. Ida Yu
+86-21-2250-5891
E-mail: ir@onesmart.org

ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: onesmart@icaasia.com

View original content:http://www.prnewswire.com/news-releases/onesmart-announces-changes-to-board-of-directors-and-management-301320507.html

SOURCE OneSmart

FAQ

What prompted the resignation of Greg Zuo at OneSmart?

Greg Zuo resigned from his positions due to family reasons.

Who will take over the financial responsibilities at OneSmart after Zuo's resignation?

Eason Zhou, vice president of finance, will report directly to CEO Steve Zhang.

When will OneSmart appoint a new chief financial officer?

OneSmart intends to appoint a new CFO in due course after Greg Zuo's resignation.

What is the significance of Eason Zhou's experience for OneSmart?

Eason Zhou has over 20 years of financial management experience, which is expected to add significant value.

How many learning centers does OneSmart operate?

As of February 28, 2021, OneSmart operates 457 learning centers across China.