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 CEO and COO at the time, Jenny Zhiya Qian and Jian Liu, respectively, were both fired as a result.