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Luckin Coffee replaces chairman Charles Lu

Luckin Coffee has replaced co-founder and (now ex-) chairman Charles Zhengyao Lu, despite his efforts to maintain control over the troubled Beijing-based coffee chain. The company disclosed in an SEC filing on Monday that Jinyi Guo, another co-founder, board member and former acting chief executive of Luckin, has been appointed as its new chairman and chief executive officer.
In todays SEC filing, Luckin also said a total of four directors have left the board (Lu, David Hui Li, Erhai Liu and Sean Shao) and two new independent directors have been appointed. The new additions are Jie Yang, vice dean of the business school at the China University of Political Science and Law, and Ying Zeng, who was a partner at law firm Orrick Herrington and Sutcliffe and previously served as El Paso Corporations vice president and country manager for China.
The companys disclosure comes after weeks of strife during which Lu sought to hold onto control of Luckin. Earlier this month, an attempt by Luckin Coffees directors to remove Lu as chairman failed to get enough votes during a board meeting.
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