Hotbuns wrote a post · Dec 18, 2023 04:52

EAST BUY Sacks CEO Sun Dongxu Last Weekend; Position Succeeded by Chair

$New Oriental (EDU.US)$ $NEW ORIENTAL-S (09901.HK)$ $EAST BUY (01797.HK)$ $Gaotu Techedu (GOTU.US)$

EAST BUY announced that the board of directors of the Company has resolved, on 16 December 2023, to dismiss Sun Dongxu from the position of Chief Executive Officer of the Company and to re-designate him from his position as Executive Director of the Company, effective immediately.

The change in Sun’s position reflects his recent mismanagement of the Company’s brand and reputation in light of recent media sentiment; the Board is of the view that Sun stepping down from these positions will better protect the interests of the Company’s shareholders and allow for a more experienced director to take over the management of the Company.

The Board has appointed Yu Minhong as the new CEO of the Company, effective immediately. Yu will remain Chairman of the Board and will be re-designated as an Executive Director of the Company.

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