TAL Education Group announced on the night of September 24 that the company’s board of directors has appointed Peng Zhuangzhuang, the current Vice President of Strategy, as the new Chief Financial Officer, which will take effect from November 1, 2021. Luo Rong will step down as CFO on October 29, 2021, seeking other career development opportunities.
According to the announcement, Luo Rong will start the work handover process and plans to serve as a TAL’s senior consultant after resigning.
Zhang Bangxin, Founder and CEO of TAL, said, “We believe that Peng Zhuangzhuang will serve the company with valuable professional knowledge and experience. The company will achieve a smooth transition and business growth under his operation.”
Peng has been the Vice President of Strategy at TAL since March 2020. Before joining TAL, Peng served as General Manager of Corporate Strategy at Microsoft Greater China and a consultant of McKinsey. He holds a bachelor’s degree in mathematics from Harvard University and a doctorate in mathematics from Princeton University.
China’s recently introduced “double reduction” policy imposes strict new rules on the investment and financing, business models and operating hours of after-school tutoring institutions. Domestic media outlet LatePost reported in August that eight of the 13 local centers of TAL’s Xueersi will be abolished. Each of the local centers has about 2,000 people, which means the abolition will affect tens of thousands of people.