XIAMEN, China: Luckin Coffee Inc said on Thursday co-founder Charles Zhengyao Lu will stay on as chairman of the embattled coffee chain after a proposal to oust him, stemming from an internal fraud investigation, failed to get board approval.
The move to oust Lu was proposed by a majority of the Luckin's directors, but the company said it failed to get the necessary two-third voting majority from its board.The results of the vote come a day after Luckin released findings from an investigation, which said its former chief executive and chief operating officers were involved in fabricating annual sales of about US$300 million.
Lu, who is the controlling shareholder of Luckin, is also the founder of auto-rental firm CAR Inc and Chinese ride-hailing firm Ucar Inc.During the investigation, Luckin sacked its CEO and COO, both executives who had previously held top positions at Lu's other firms.
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