Luckin Coffee Inc. announced changes to its Board of Directors and Senior Management.
During its ongoing internal investigation, the Special Committee of the Board has ended Mr. Jian Liu and Ms. Jenny Zhiya Qian from the positions of the Chief Executive Officer and the Chief Operating Officer, respectively. The Board also received Ms. Qian and Mr. Liu, the resignations from their positions. Also, the company has placed six other employees. They were involved in or knew about the fabricated transactions.
The Board has named Mr. Jinyi Guo, a director to the Board and a Senior Vice President of the Company, as the Acting Chief Executive Officer of the Company. The Board also revealed the appointment of Mr. Wenbao Cao and Mr. Gang Wu as directors to the Board. The Audit Committee of the Board remains unchanged.
The company has been cooperating and responding to inquiries from regulatory agencies in China and the United States. The company will continue to cooperate with the Internal Investigation and focus on growing its business under the leadership of the Board and current senior management.