Luckin Coffee Announces Changes to Board of Directors and Senior Management
May 12 2020 - 11:10AM
Luckin Coffee Inc. (the “Company”) (NASDAQ: LK), today
announced changes to its Board of Directors (“Board”) and
senior management, effective May 11, 2020.
During its ongoing internal investigation (the
“Internal Investigation”), the Special Committee of the Board (the
“Special Committee”) has brought to the attention of the Board
evidence that sheds more light on the fabricated transactions
described in the press release issued by the Company on April 2,
2020. After considering such information, 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.
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.
Following issuing the press release by the
Company on April 2, 2020, the Company has been cooperating with and
responding to inquiries from regulatory agencies in both the United
States and China. The Company will continue to cooperate with
the Internal Investigation and focus on growing its business under
the leadership of the Board and current senior
management.Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
“safe harbor” provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “potential,”
“continue,” “ongoing,” “targets,” “guidance” and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Any statements that are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the Company’s growth strategies; its
future business development, results of operations and financial
condition; its ability to understand buyer needs and provide
products and services to attract and retain buyers; its ability to
maintain and enhance the recognition and reputation of its brand;
its ability to rely on merchants and third-party logistics service
providers to provide delivery services to buyers; its ability to
maintain and improve quality control policies and measures; its
ability to establish and maintain relationships with merchants;
trends and competition in China’s e-commerce market; changes in its
revenues and certain cost or expense items; the expected growth of
China’s e-commerce market; PRC governmental policies and
regulations relating to the Company’s industry, and general
economic and business conditions globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks, uncertainties or
factors is included in the Company’s filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
About Luckin Coffee Inc.
Luckin Coffee Inc. (NASDAQ: LK) has pioneered a
technology-driven retail network to provide coffee and other
products of high quality, high affordability, and high convenience
to customers. Empowered by big data analytics, AI, and proprietary
technologies, the Company pursues its mission to be part of
everyone’s everyday life, starting with coffee. The Company was
founded in 2017 and is based in China. For more information,
please visit investor.luckincoffee.com.
Investor and Media Contacts
Investor Relations:Luckin Coffee Inc.
IREmail: ir@luckincoffee.com
Bill Zima / Fitzhugh TaylorICR, Inc.Phone: 646 880 9039
Media Relations:Luckin Coffee Inc.
PREmail: pr@luckincoffee.com
Ed Trissel / Jack KelleherJoele Frank, Wilkinson
Brimmer KatcherPhone: 212 355 4449
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