Adopts New Board Term Limit and Announces Board Composition Update
New Board Members Bring Important Skills and Experience
BEIJING, May 20, 2022 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (“Luckin Coffee” or the “Company”) ( LKNCY) today announced the adoption of new directorship term, the resignations of two directors (Mr. Wai Yuen Chong and Mr. Gang Wu) from its Board of Directors (“Board”) and the appointments of four new directors (Mr. Weihao (Michael) Chen, Mr. Jun Liu, Ms. Qianli Liu and Mr. Shaoqiang (Gary) Liu) to the Board, effective immediately.
In the interest of better corporate governance, the Board unanimously voted to subject each director to re-appointment by the Board at its next meeting, and to impose a two-year term on each re-appointed director and any director appointed in the future. Subsequently, at the end of their current terms of office, Mr. Wai Yuen Chong and Mr. Gang Wu tendered their resignations and did not stand for re-appointment to the…