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(Reuters) – Luckin Coffee Inc president Charles Zhengyao Lu was expelled by shareholders of the coffee chain in question just days after a proposal to remove it failed to obtain board approval, Bloomberg News reported Sunday. , citing the Chinese web portal 163.com.
Three other board directors, including Sean Shao, were also removed at an extraordinary shareholders meeting in Beijing on Sunday, according to the report.
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Ying Zeng and Jie Yang will be added as independent board directors, the report added.
Luckin Coffee declined to comment.
People wearing protective masks gather outside a Luckin Coffee Inc. store in Shanghai, China on April 3, 2020. (Photographer: Qilai Shen / Bloomberg via Getty Images)
Luckin stated a few days ago that a proposal to remove Lu as chairman of the board of the conflicting coffee chain did not get the necessary number of votes from the directors to approve.
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The China-based coffee chain had started an internal investigation into fake annual sales of around $ 300 million earlier this week, after which several Luckin directors proposed Lu’s expulsion.
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Lu, who is Luckin’s controlling shareholder, is also the founder of car rental company CAR Inc and Chinese transport company Ucar Inc.
During the investigation, Luckin fired his CEO and COOs, who had previously held senior positions at other Lu firms.
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