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Luckin Coffee's Lu holds on to chairman role

Proposal to oust founder fails to obtain board's nod

Charles Zhengyao Lu, Luckin Coffee's co-founder and chairman, poses during the company's IPO at the Nasdaq in May 2019.   © Reuters

Luckin Coffee 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 Luckin's directors, but the company said it failed to get the necessary two-thirds voting majority from its board.

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