MILAN – In a surprising turn, Luckin Coffee announced Thursday that a Charles Zhengyao Lu will remain chairman of the board. A proposal to remove him as Chairman of the disgraced coffee chain’s board did not get the number of necessary votes from directors to pass.
“A meeting of the Board of Directors of the Company (the “Board”) was held on July 2, 2020 to consider the previously disclosed proposal based on the recommendation of the Special Committee of the Board to remove Mr. Charles Zhengyao Lu, as a director and the chairman of the Board (the “Proposed Removal”).
The resolution of the Proposed Removal was not approved by the affirmative vote of no less than two-thirds of the other Directors present and voting at the Board meeting, pursuant to Article 101 of the Articles of Association of the Company.
As a result, Mr. Charles Zhengyao Lu will remain a director and the chairman of the Board,” the company disclosed in a press release.
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