China: Luckin Coffee fires CEO, COO after sales fraud investigation

Luckin Coffee said Tuesday that it has fired its CEO and COO as part of an internal investigation into sales fraud.

Jenny Zhiya Qian, Luckin’s former CEO, and Jian Liu, its former COO, also resigned from the Chinese company’s board. The changes went into effect on Monday.

The board appointed Jinyi Guo, a board member and a senior vice president in the company, as acting chief executive.

The coffee chain disclosed on April 2 that an internal probe found that Liu had fabricated 2019 sales by about 2.2 billion yuan ($310 million).

The full original article can be found at cnbc.com

(Photo: Bloomberg)

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