THE firings of Luckin Coffee Inc.’s chief executive officer and her lieutenant in an escalating scandal over faked transactions is another body blow for the Chinese chain, which expanded at breakneck speed trying to supplant Starbucks Corp. as the dominant barista in a booming coffee culture.
CEO Jenny Zhiya Qian and Chief Operating Officer Jian Liu were terminated and also resigned their board positions, according to a Tuesday filing by the U.S.-listed company. Six others either were suspended or placed on leave. Jinyi Guo, a board member and senior vice president, was named acting CEO.
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