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New Oriental: A one-time compensation will be given to Dong Yuhui

2024-08-01

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Sanyan Technology reported on August 1 that at New Oriental's fourth quarter earnings conference call for fiscal year 2024, New Oriental's Executive President and Chief Financial Officer Yang Zhihui responded to whether Dong Yuhui would be given compensation, saying that the company would compensate Dong Yuhui in one lump sum. The expenditure will be incurred in the fourth quarter of this fiscal year and the first quarter of the next fiscal year, and the specific amount will be announced at the next conference call.

On July 25, Oriental Selection announced that after friendly discussions between the Group and Dong Yuhui, Dong Yuhui has decided to no longer serve as an employee of the Company and a senior management of a consolidated affiliated entity of the Company ("resignation"), due to Dong Yuhui's career ambitions, investment in his other careers and personal time arrangements, and will take effect on July 25, 2024. In addition to paying Dong Yuhui all the promised benefits and compensation, Chairman Yu Minhong has sought approval from the Board of Directors and the Board's Remuneration Committee to distribute the undistributed profits of Yuhui Xingtong (Beijing) Technology Co., Ltd. ("Yuhui Xingtong"), a consolidated affiliated entity of the Company to be sold on July 25, 2024, to Dong Yuhui as a thank you and appreciation from Yu Minhong and the Group for Dong Yuhui's contribution.