Luckin Coffee chairman ousted by shareholders: Bloomberg, citing report

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Three other board directors including Sean Shao were also removed at an extraordinary shareholders meeting in Beijing on Sunday, the report https://bloom.bg/38slTRo said.

Ying Zeng and Jie Yang will be added as independent board directors, the report added.

Luckin Coffee declined to comment.

Luckin stated just days ago that a proposal to remove Lu as chairman of the embattled coffee chain’s board did not get the number of necessary votes from directors to pass.

The China-based coffee chain had earlier in the week wound up an internal probe into fake annual sales of about $300 million, following which several of Luckin’s directors proposed the ousting of Lu.

Lu, who is the controlling shareholder of Luckin, is also the founder of auto-rental firm CAR Inc and Chinese ride-hailing firm Ucar Inc.

During the investigation, Luckin sacked its chief executive and chief operating officers, who had previously held top positions at Lu’s other firms.

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