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Food & Beverage

Luckin Coffee chairman ousted by shareholders: reports

Proposal to remove Lu Zhengyao failed to pass board days earlier

Luckin Chairman Charles Zhengyao Lu and three other board directors were removed at the extraordinary shareholders meeting.   © Reuters

Luckin Coffee Inc Chairman Charles Zhengyao Lu has been ousted by shareholders from the embattled coffee chain, just days after a proposal to remove him failed to get board approval, Bloomberg News reported on Sunday, citing Chinese web portal 163.com.

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