Luckin Coffee Board Fails in an Attempt to Remove Chairman

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.