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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Starbucks Corporation    SBUX

STARBUCKS CORPORATION

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Luckin Coffee ousts chairman Lu, names Guo as CEO

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07/13/2020 | 05:26pm EDT

July 13 (Reuters) - Luckin Coffee Inc has ousted co-founder and chairman Charles Zhengyao Lu and replaced him with Jinyi Guo, who will also be the chief executive officer, the embattled coffee chain disclosed on Monday.

Guo was previously the acting CEO of the company.

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.

Earlier this month, the China-based coffee chain wound up an internal probe into fake annual sales of about $300 million, following which several of its directors proposed the ousting of Lu.

Fortunes of Luckin, which directly competes with U.S. coffeehouse Starbucks, have nosedived since the probe was disclosed in April, with the Nasdaq suspending trading in its shares in June.

Lu, the controlling shareholder of Luckin, is also the founder of auto-rental firm Car Inc and Chinese ride-hailing firm Ucar Inc. The company said it removed four directors from its board, including Lu, and named two new directors after an extraordinary general meeting of shareholders on July 5 and a board meeting the following week. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni and Ramakrishnan M.)

Stocks mentioned in the article
ChangeLast1st jan.
LUCKIN COFFEE INC. 0.83% 2.42 Delayed Quote.-93.85%
NASDAQ COMP. 1.47% 10902.797333 Delayed Quote.19.76%
STARBUCKS CORPORATION -1.35% 75.5 Delayed Quote.-14.13%
UCAR 0.00% 9.75 Real-time Quote.-35.43%
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Financials (USD)
Sales 2020 23 313 M - -
Net income 2020 832 M - -
Net Debt 2020 12 093 M - -
P/E ratio 2020 108x
Yield 2020 2,19%
Capitalization 89 456 M 89 456 M -
EV / Sales 2020 4,36x
EV / Sales 2021 3,73x
Nbr of Employees 346 000
Free-Float 99,8%
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Technical analysis trends STARBUCKS CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 36
Average target price 83,13 $
Last Close Price 75,50 $
Spread / Highest target 32,5%
Spread / Average Target 10,1%
Spread / Lowest Target -1,99%
EPS Revisions
Managers
NameTitle
Kevin R. Johnson President, Chief Executive Officer & Director
Myron E. Ullman Chairman
Rosalind Gates Brewer COO, Director & Group President-Americas
Patrick J. Grismer Chief Financial Officer
Gerri Martin-Flickinger Chief Technology Officer & Executive VP
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