Luckin Coffee Board Fails in an Attempt to Remove Chairman
Charles Zhengyao Lu is keeping his job at Luckin Coffee (OTC: LKNC.Y), the company announced in a regulatory document filed after market hours on Thursday. Its board of directors held a meeting to remove him as board member and chairman, but the board did not gain the two-thirds majority needed to eject Lu.
The move will be seen as the latest setback for the troubled Chinese coffee maker and retailer. This cascade of problems began early this year with the revelation that it inflated the equivalent of several hundred millions of dollars in both revenue and expenses. The CEO and COO at the time, Jenny Zhiya Qian and Jian Liu, respectively, were both fired as a result.
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Source Fool.com
