Luckin Coffee ousts chairman days after voting to keep him

Luckin Coffee ousts chairman days after voting to keep him

FMT NEWS - Business·2020-07-14 14:57

BEIJING: China’s would-be Starbucks rival Luckin Coffee has removed its co-founder and chairman after a scandal involving fake sales figures that resulted in the company being delisted from the US Nasdaq and the ouster of two top executives.

Luckin’s billionaire founder Charles Zhengyao Lu has been replaced as chairman by Jinyi Guo, previously the acting CEO, the embattled coffee chain said in a statement on its website dated Monday.

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