– CHINA, Xiamen – Luckin Coffee Inc. (NASDAQ: LK) today announced changes to its Board of Directors and senior management, effective May 11, 2020.
During its ongoing internal investigation, the Special Committee of the Board has brought to the attention of the Board evidence that sheds more light on the fabricated transactions described in the press release issued by the Company on April 2, 2020. After considering such information, the Board has terminated Ms. Jenny Zhiya Qian from the positions of the CEO and Jian Liu from the positions of the CFO. The Board also demanded and received from Ms. Qian and Mr. Liu their resignations from the Board. In addition to Ms. Qian and Mr. Liu, since the beginning of the Internal Investigation, the Company has placed six other employees, who were involved in or had the knowledge of the fabricated transactions, on suspension or leave.
Following issuing the press release by the Company on April 2, 2020, the Company has been cooperating with and responding to inquiries from regulatory agencies in both the United States and China. 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.
The Board has appointed Jinyi Guo, a director to the Board and a SVP, as the Acting CEO.
The Board also announced the appointment of Wenbao Cao and Gang Wu to the Board of Directors.
Following the changes to the Board, the composition of the Board Committee is now:
- the Compensation Committee currently consists of Sean Shao, Erhai Liu and Jinyi Guo, with Sean Shao serving as its chairman;
- the Nominating and Corporate Governance Committee currently consists of Wai Yuen Chong, David Hui Li and Jinyi Guo, with Wai Yuen Chong serving as its chairman;
- The Audit Committee of the Board remains unchanged.
About Wenbao Cao
Mr. Wenbao Cao has served as Senior Vice President of the Company in charge of store operations and customer service since June 2018. Before joining the Company, Mr. Cao had over 23 years of experience at McDonald’s China and served in various positions, including vice president and North regional manager at McDonald’s China.
About Gang Wu
Mr. Gang Wu has served as Vice President of the Company in charge of strategic partnerships since March 2019, and has also been in charge of supply chain management since April 2020. Before joining the Company, Mr. Wu had over 26 years of experience in the airline industry, including holding senior management positions at China United Airlines, China Eastern Airlines and Air China.
About Luckin Coffee Inc.
Luckin Coffee Inc. has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in China.
For more information: http://www.luckincoffee.com
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