Luckin Coffee Ousts Chairman Charles Zhengyao Lu Amid Scandal

Luckin Coffee Ousts Chairman Charles Zhengyao Lu Amid Scandal

Charles Zhengyao Lu, the non-executive chairman of Luckin Coffee, has been ousted by shareholders. The decision came shortly after an unsuccessful board vote aimed at his removal. This action was taken during an extraordinary meeting in Beijing, following a tumultuous period for the company which included an internal investigation into falsely reported annual sales amounting to approximately $300 million. Alongside Lu, three other directors were removed, and two new independent directors were appointed. The scandal has significantly impacted the company, leading to prior terminations of its CEO and COO, who were closely associated with Lu's other business ventures.

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