Luckin Coffee ousts chairman Lu, names Guo as CEO

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Luckin Coffee ousts chairman Lu, names Guo as CEO
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Luckin Coffee Inc has ousted co-founder and chairman Charles Zhengyao Lu and replaced him with Jinyi Guo, who will also be the chief executive officer, the embattled coffee chain disclosed on Monday.

FILE PHOTO: A Luckin Coffee logo is seen at a closed store in Beijing, following the novel coronavirus disease outbreak, China April 16, 2020. REUTERS/Tingshu Wang

Earlier this month, the China-based coffee chain wound up an internal probe into fake annual sales of about $300 million, following which several of its directors proposed the ousting of Lu.

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