The latest news of Luckin Coffee Luckin Coffee announced the results of the internal investigation, Guo Jinyi released the internal letter

More than a month later, the incident of "a number of senior executives signed a joint letter asking for the removal of the current chairman" finally came to fruition.

On February 17th, Luckin Coffee announced that the internal investigation had been concluded.

Yesterday night, Luckin Coffee officially announced the results of the investigation into CEO, which showed that the investigation team had found no evidence of wrongdoing alleged in the joint letter and had reported the findings to the company's board of directors.

Luckin Coffee officially revealed that the investigation into the current chairman and CEO Guo Jinyi has been completed, Rui said: in a month, the investigation team interviewed nearly 40 people, including external parties and company personnel, including individuals who signed the petition, reviewed more than 50, 000 transaction documents, company policies and procedures, e-mails and other documents and records, and found no evidence of alleged misconduct The results of the investigation have been reported to the company's board of directors, and it is understood that the independent team set up by the board of directors is composed of a joint provisional liquidator and independent directors appointed by the Grand Court of the Cayman Islands. the team also hired external lawyers and forensic accounting experts to form the investigation team and directed the investigation team to conduct a comprehensive and independent investigation into the allegations contained in the petition.

In addition, the investigation team also found that some members of the former management participated in the planning of the petition, and after this incident, Luckin Coffee also ushered in a new round of structural adjustment. For example, Luckin Coffee appointed Wu Tao as the vice president of the development center, which is responsible for the overall management of the development center. Report to Cao Wenbao, head of the operation line, while Luckin Coffee, Wu Tao, Zhou Bin and Li Jun will no longer serve as regional general managers. Guo Yiwei no longer serves as the senior director of media and public relations, but Luckin Coffee did not respond further to their next position.

The incident stems from a joint letter signed by seven vice presidents, general managers of all branches and core business executives of Luckin Coffee on the evening of January 6 this year, collectively requesting the dismissal of Guo Jinyi, the current chairman and CEO of Luckin Coffee, accusing him of corruption, abuse of power to root out dissidents, and incompetence.

However, Guo Jinyi denied all the allegations in the joint letter, and then Guo Jinyi, chairman of Luckin Coffee, issued a full letter in response to allegations made by several senior executives that he was suspected of serious corruption.

Guo Jinyi said in the full letter: the "report letter" was released on January 3 and was organized and drafted by Lu Zhengyao, Qian Zhiya and others. Some of the employees concerned did not know the truth and were held to sign.

Guo Jinyi said that he had immediately asked the board of directors to set up an investigation team to investigate the incident, and he had assured the board that he would not interfere with the work of the investigation team and cooperate fully with the investigation. Guo Jinyi asked the board of directors to investigate the organizer and process motivation of the report.

On January 8, Lucky Coffee responded that the company's board of directors had set up an independent committee to investigate the allegations made by some employees against Guo Jinyi, chairman and CEO, in a joint letter. The committee will be composed of a joint liquidator and two independent non-executive directors.

At present, the latest progress has been made in this matter, Ruixing said that the company's board of directors will continue to fully support Guo Jinyi and the management team to continue to implement the company's long-term growth strategy.

In addition, Guo Jinyi, chairman and CEO of Luckin Coffee, sent an internal letter with the theme of "New year of the Ox" to his internal staff on Feb. 18, after Guo Jinyi received the name correction of the internal investigation team.

In this internal letter, Luckin Coffee and Guo Jinyi summed up the past year and said: "the year 2020, which has just passed, is the most difficult year since Luckin Coffee was founded, and it is also a year when lucky has bottomed out and rebounded against the trend."

Prior to this, Guo Jinyi also disclosed the latest data on the operation of Luckin Coffee stores in this internal letter.

According to internal letters, there were nearly 4800 Luckin Coffee stores in 2020, with nearly 100m registered users and current beverage sales of more than 300m cups. During the just-concluded Spring Festival Golden week, the staff and operation teams of more than 1900 stores across the country stuck to the front line. The number of beverage cups currently made is nearly five times that of the same period last year, and the revenue is nearly seven times that of the same period last year.

In terms of Lucky's product innovation, Luckin Coffee launched 77 new ready-made drinks in 2020, including thick milk lattes, light milk good tea and so on.

In terms of store expansion, Ruixing opened more than 120 new stores in January 2021, but did not disclose the proportion of these 120 directly operated or joined, the speed of expansion and the quality of stores improved significantly. Ruixing hopes to have 4800 to 6900 self-owned stores by 2023.

Full text of the internal letter from Guo Jinyi, Chairman and CEO of Luckin Coffee

Luckin Coffee CEO released the internal letter, from a certain level, Luckin Coffee in the previous "internal struggle to seize power" war has the upper hand.

With regard to Luckin Coffee's 2021 plan, Guo Jinyi said in an internal letter that he would further speed up the optimization of the overall organizational structure around the "iron triangle" operation mode built by products, stores and users. improve and implement employee benefits, compensation, options and other incentive mechanisms.

* Image source: Internet