Luckin Coffee Inc. announced changes to its board of directors and senior management, effective 11th May, 2020.
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The board has terminated Ms. Jenny Zhiya Qian and Mr. Jian Liu from the positions of the Chief Executive Officer and the Chief Operating Officer, respectively. 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.
The board has appointed 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 announced the appointment of Mr. Wenbao Cao and Mr. Gang Wu as directors to the board. Following the changes to the board, the Compensation Committee of the board currently consists of Mr. Sean Shao, Mr. Erhai Liu and Mr. Jinyi Guo, with Mr. Sean Shao serving as its chairman; the Nominating and Corporate Governance Committee of the board currently consists of Mr. Wai Yuen Chong, Mr. David Hui Li and Mr. Jinyi Guo, with Mr. Wai Yuen Chong serving as its chairman; the composition of Audit Committee of the board remains unchanged.
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.
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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 airline industry, including holding senior management positions at China United Airlines, China Eastern Airlines and Air China.