Luckin Chairman Faces Second Ouster Effort After Surviving First
- Proposal to remove founder wasn’t approved at special meeting
- Lu could still be removed as a director at EGM on Sunday
Charles Zhengyao Lu
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Luckin Coffee Inc.’s chairman Charles Zhengyao Lu is facing a second attempt at ousting him from the scandal-plagued company days after surviving an effort by some directors to strip him of control.
A proposal to remove Lu from the coffee chain he founded wasn’t approved by the required two-thirds of the directors present at a special meeting Thursday, Luckin said in a statement.