Luckin Coffee is still considered the biggest Starbucks competitor in China.
The Chairman of Luckin Coffee, Charles Zhengyao Lu, was dismissed by shareholders at a meeting in Beijing on July 5, 2020.
Three other board members, Sean Shao
, David Hui Li
and Erhai Liu
, were also removed from office at the Extraordinary General Meeting of Shareholders, while Ying Zeng
and Jie Yang
will join as independent board members.
An earlier attempt last Thursday to remove Lu as Chairman failed due to the required number of votes.
The change in the top management team came in response to the accounting scandal of the 4,000-unit Chinese coffee bar chain in April. In the meantime, Luckin Coffee is no longer traded on the US stock exchange Nasdaq.