Luckin Coffee Names Guo Jinyi Chairman and CEO After Founder Charles Lu Ousted
Luckin Coffee Inc. announced Monday it has appointed Guo Jinyi, a board director and former acting CEO, as chairman and CEO in replacement of its co-founder and former chairman Charles Zhengyao Lu.
SEE ALSO: Luckin Shareholders Oust Chairman Charles Zhengyao Lu
The move comes weeks after Luckin’s shareholders voted to dismiss its then-chairman Lu during an extraordinary general meeting, as a result of the company’s internal investigation into its financial fraud. Luckin found its 2019 net revenue was inflated by roughly 2.12 billion yuan ($300 million). The company has removed a number of top executives and dozens of employees during the investigation.
The July 5 extraordinary general meeting of shareholders also removed three other directors from the board including Sean Shao, David Hui Li and Liu Erhai. Luckin said it named four new independent directors including Cha Yang, Liu Feng, Zeng Ying and Yang Jie after the extraordinary general meeting and a board meeting on July 12. The latter two new directors were nominated by Lu.
Management directors Cao Wenbao, Wu Gang and Guo as well as independent director Wai Yuen Chong remain on the board.