Luckin Coffee fires top brass as questions mount over fake deals
The Chinese retailer faces scrutiny by regulators in the US and China, and the dismissals suggest financial wrongdoing may be more deeply rooted
13 May 2020 - 12:33
Hong Kong/Chicago — The firings of Luckin Coffee’s CEO and her lieutenant in an escalating scandal over faked transactions is another body blow for the Chinese chain, which expanded at breakneck speed trying to supplant Starbucks as the dominant barista in a booming coffee culture.
CEO Jenny Zhiya Qian and COO Jian Liu were terminated and also resigned from their board positions, according to a Tuesday filing by the US-listed company. Six others either were suspended or placed on leave. Jinyi Guo, a board member and senior vice-president, was named acting CEO...
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