New Oriental Announces Changes to its Board of Directors
September 03 2007 - 4:00AM
PR Newswire (US)
BEIJING, Sept. 3 /Xinhua-PRNewswire/ -- New Oriental Education
& Technology Group Inc. (NYSE:EDU), the largest provider of
private educational services in China, is pleased to announce the
appointment of a new independent director, Dr. John Zhuang Yang, to
the Company's board of directors. New Oriental also announces the
departures of Ms. Xiaohong Chen, managing director in China for
Tiger Global, an international private equity fund, and Mr.
Chenggang Zhou from the board. Mr. Zhou will continue in his role
as Executive Vice President of New Oriental. Dr. Yang is currently
the International Dean of the Beijing International M.B.A. Program
at Beijing University. He also serves as an Adjunct Professor of
Management at the China Center for Economic Research at Beijing
University and Associate Dean and Associate Professor of Management
at Fordham University. Dr. Yang holds a Ph.D. in Business
Administration from Columbia University, an M.A. in Sociology from
Columbia University, an M.P.A. degree in International and Public
Affairs from The Woodrow Wilson School of Public and International
Affairs at Princeton University, and a B.A. from the English
Language and Literature Department of Beijing University. 'We are
delighted to welcome such a renowned expert in Chinese education
like John to New Oriental's board,' said Michael Yu, New Oriental's
Chairman and Chief Executive Officer. 'John's extensive experience
and in-depth knowledge of Chinese education, especially
post-secondary and management education, will greatly benefit New
Oriental as we continue to expand our business. We are very
grateful to Ms. Xiaohong Chen and Mr. Chenggang Zhou for their
valuable contributions to New Oriental as board members,' added Mr.
Yu. Mr. Zhou will continue his service to New Oriental as Executive
Vice President. Under the independence standards of corporate
governance rules of the NYSE and Rule 10A-3 under the Securities
Exchange Act of 1934, NYSE-listed companies are required to have a
majority of independent directors within one year after their
initial public offering. New Oriental's board now consists of two
New Oriental officers, Michael Yu (Chairman & CEO) and Louis T.
Hsieh (CFO), and three independent directors, Robin Li (Chairman
& CEO of Baidu.com, NASDAQ: BIDU), Denny Lee (former CFO of
Netease, NASDAQ: NTES) and Dr. Yang. About New Oriental New
Oriental is the largest provider of private educational services in
China based on the number of program offerings, total student
enrollments and geographic presence. New Oriental offers a wide
range of educational programs, services and products consisting
primarily of English and other foreign language training, test
preparation courses for major admissions and assessment tests in
the United States, the PRC and Commonwealth countries, primary and
secondary school education, development and distribution of
educational content, software and other technology, and online
education. New Oriental's ADSs currently trade on the New York
Stock Exchange under the symbol 'EDU.' For more information about
New Oriental, please visit http://english.neworiental.org/ . 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' and similar statements.
Statements that are not historical facts, including statements
about New Oriental's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. Information regarding these risks and uncertainties
is included in our registration statements on Form F-1 and other
documents filed with the Securities and Exchange Commission. New
Oriental does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release is as of September
3, 2007, and New Oriental undertakes no duty to update such
information, except as required under applicable law. For investor
and media inquiries, please contact: In China: Ms. Sisi Zhao New
Oriental Education & Technology Group Inc. Tel:
+86-10-6260-5566 x8203 Email: Mr. Derek Mitchell Ogilvy Public
Relations Worldwide Tel: +86-10-8520-6284 Email: In the United
States: Mr. Thomas Smith Ogilvy Public Relations Worldwide Tel:
+1-212-880-5269 Email: DATASOURCE: New Oriental Education &
Technology Group Inc. CONTACT: Ms. Sisi Zhao of New Oriental
Education & Technology Group Inc., +86-10-6260-5566 x8203, or ;
Mr. Derek Mitchell of Ogilvy Public Relations Worldwide,
+86-10-8520-6284, or ; Mr. Thomas Smith of Ogilvy Public Relations
Worldwide, or +1-212-880-5269, or , both for New Oriental Education
& Technology Group Inc. Web Site:
http://english.neworiental.org/
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