Luckin Coffee co-founder Lu steps down as chairman

(Reuters) – Luckin Coffee Inc said on Monday co-founder and chairman Charles Zhengyao Lu has stepped down and will be replaced by acting Chief Executive Officer Jinyi Guo.

Guo has also been appointed as CEO of the coffee chain, the company said.

The move to replace Lu comes just weeks after Luckin said he would stay on as chairman after a proposal to oust him, stemming from an internal fraud investigation, failed to get board approval.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)