BEIJING, Feb. 11, 2015 /PRNewswire/ -- Xueda Education Group (NYSE: XUE) ("Xueda" or the "Company"), a leading national provider of personalized tutoring services for primary and secondary school students in China, today announced that Mr. Sean Shao has resigned as an independent director of the Company's Board of Directors for personal reasons to pursue other interests, and that Mr. Cheung Lun Julian Cheng has resigned as a director of the Company's Board of Directors to pursue other interests. Mr. Cheung Kin Au-Yeung, an independent director on the Company's Board of Directors since 2011, has been appointed as Audit Committee Chairperson, filling the role vacated by Mr. Shao. The Company is actively searching for a qualified independent director to join the Board of Directors and the Audit Committee as soon as practicable, but no later than the end of March 2015.
Xin Jin, co-founder and Chief Executive Officer of Xueda, stated, "I wish to thank both Messers. Shao and Cheng who have served tirelessly on our Board of Directors since our Initial Public Offering in 2010. Their talent and expertise have contributed greatly to Xueda's growth over the years. I also want to extend my appreciation to Mr. Au-Yeung whose rich experience and relevant expertise are well-suited and will be well-utilized as our Audit Committee Chairperson."
Mr. Jin further updated, "We are on track to report our fourth quarter and full-year 2014 results on March 4th, as announced earlier today, and are comfortable in reaffirming our fourth quarter 2014 outlook."
Mr. Au-Yeung has more than 30 years of general management experience gained working with Morningside Group and several other multi-national companies. Prior to joining Morningside, he served as head of Gillette's operations in China for five years. While with Morningside, Mr. Au-Yeung oversaw the operations of the Morningside Group and its portfolio companies in China. He has served on the Board of Directors of a Morningside portfolio company listed on the Hong Kong Stock Exchange. He is currently a Director of The9 Limited, a NASDAQ-listed company. Mr. Au-Yeung holds a master's degree in physics and an MBA degree from Indiana University.
About Xueda Education Group
Xueda Education Group ("Xueda") is a leading national provider of personalized tutoring services for primary and secondary school students in China. For more information about Xueda, please visit http://ir.xueda.com.
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, market and operating conditions, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," "targets" and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks and uncertainties beyond our control, which could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in our filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Xueda Education Group
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SOURCE Xueda Education Group