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Luckin Coffee Ousts Chairman Lu, Names Guo As CEO

From: foxbusiness.com

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.

Guo was previously the acting CEO of the company.

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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