MILAN – Luckin Coffee chairman and founder Charles Zhengyao Lu was ousted in an EGM held Sunday in Beijing. Three other board directors including Sean Shao were also removed at the Extraordinary General Meeting of the shareholders, while Ying Zeng and Jie Yang will be added as independent board directors.
A previous attempt of the Board of Director to remove him as Chairman of the disgraced coffee chain’s Board did not get the number of necessary votes from directors to pass on at a special meeting on Thursday.
The announcement comes in the backdrop of a a major shakeup of the company’s top management following revelations of an accounting scandal in April.
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