Jiuzi Holdings, Inc. announced that on April 6, 2023, Mr. Shuibo Zhang notified Jiuzi Holdings Inc. of his intent to resign as Chief Executive Officer, effective April 6, 2023. Mr. Zhang confirmed that his resignation is not due to any disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Zhang will continue to serve as Chairman of the Board.

On April 6, 2023, the Board of Directors approved resolutions approving Mr. Tao Li as Chief Executive Officer, effective as of April 6, 2023, immediately following the resignation. Mr. Tao Li, 40 years old, has served as General Manager of China Gas's North China Regional Management Center's Project Company (China Gas) from June 2016 to April 2023. At China Gas, he led the management of the company, setting and achieving the company's business goals, ensuring the stability of the gas supply and the safety of production operations.

Prior to joining China Gas in 2016, Mr. Li was Chief Executive Officer of Hangzhou Zhong'an Electronics Co.'s Business Unit from June 2010 to September 2015. He was fully responsible for the operation and management of the business unit. His work included budget management, team management, business development and sales, R&D, and products' quality and delivery.

Mr. Li earned a bachelor's degree in Journalism from Hebei University.