RYB Education, Inc. announced the resignation of Mr. Chimin Cao as the chairman of the board of directors 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.