The battle between the old and the new forces of lucky coffee: as soon as Guo Jin was supported by the board of directors, former executives participated in the planning and reporting


Tencent technology Shen Chong
In the peaceful Spring Festival atmosphere of 2021, the inside of lucky coffee is turbulent and tense.
Since January 4, seven vice presidents, general managers and core business directors of some branches and 24 senior executives of lucky coffee have signed a joint letter to the board of directors of lucky coffee and Dazheng capital, claiming that “Guo Jinyi’s corruption, fraud through glove suppliers, low ability and personal interests have caused great hidden danger to the company”, and collectively demanding the removal of Guo Jinyi, the new chairman and CEO, Lucky coffee launched an internal investigation of Guo Jinyi.
On the evening of February 17 (the sixth day of the Lunar New Year), lucky coffee said to the public that the special group of lucky coffee’s board of directors had finished the internal investigation on Jinyi Guo, chairman and CEO of lucky coffee, and found no evidence to prove its improper behavior. The board of directors of lucky coffee will continue to fully support Dr. Guo and his management team.
This means that Guo Jinyi is still supported by the board of directors. The main senior executives in the “forced palace incident”, including Vice Presidents Zhou Bin, Li Jun and Wu Tao, and senior director of public relations Guo Yiwei, have all made adjustments.
Internal structure adjustment of lucky coffee
After the board of directors’ Compliance Investigation on Guo Jinyi, a series of internal organizational restructuring of lucky coffee followed.
“In order to further match the company’s strategy and business development needs, strengthen collaboration and enhance efficiency, it is decided through research that the organizational structure adjustment and relevant appointment arrangements are as follows,” said lucky coffee
The overall organizational structure of the company is divided into three parts: front desk, middle desk and back desk; front desk covers operation line and growth line; middle desk covers technology line, product line and business analysis department; back desk covers external cooperation line, financial line, human resource line and compliance line.
Cao Wenbao, senior vice president, is responsible for the operation line, cancels the regional management structure, takes charge of the overall management of the Joint Venture Center, expansion center, construction center, operation center, quality management department and 20 branches, and reports to the Chairman & CEO Guo Jinyi;
Yang Fei, CGO (chief growth officer), is in charge of the growth line, in charge of the marketing center, growth center, e-commerce center and public relations department (formerly the market communication department), and reports to the chairman and CEO Guo Jinyi;
Senior vice president Zhou Weiming is in charge of product line, product center and supply chain center, and reports to Chairman & CEO Guo Jinyi;
CFO & CSO (CFO & CSO) Reinout.Schakel Responsible for financial line, in charge of financial center and investor relations department, report to Chairman & CEO Guo Jinyi;
Jiang Shan, senior vice president, is responsible for the compliance line, in charge of the legal department and the internal control and compliance department, reporting to the chairman and CEO Guo Jinyi; Wu Gang, vice president and director, is responsible for the external cooperation line, in charge of the strategic cooperation department and the public affairs Department, reporting to the chairman and CEO Guo Jinyi;
Technology line (including technology center), human resource line (including human resource department, lucky University, administration department) and business analysis department are in the charge of Chairman & CEO Guo Jinyi.
According to the above organizational structure adjustment, the personnel appointment and removal are as follows:
Wu Tao, Zhou Bin and Li Jun will no longer serve as the regional general manager, which will be arranged separately; Guo Yiwei will no longer serve as the senior director of the media public relations department, which will be arranged separately; Wu Tao will be appointed as the vice president of the development center, who will be responsible for the overall management of the development center and report to Cao Wenbao, the person in charge of the operation line.
The above organizational structure adjustment and personnel appointment will take effect on February 18, 2021.
Board investigation
In April 2020, the financial fraud of lucky coffee, a US listed company, was revealed. During the second quarter to the fourth quarter of 2019, the company forged 2.2 billion yuan of trading volume. Lu Zhengyao, chairman of the board, and other senior executives were subsequently stripped of the equity and legal ties with lucky coffee. In December 2020, lucky coffee paid RMB 1.175 billion to settle with the securities and Exchange Commission.
The investigation storm originated from the “forced palace event” on January 4, 2021. The board of directors of lucky coffee received a request letter from some employees against Guo Jinyi, the chairman and CEO of the company. In the letter, Guo Jinyi said that he “controlled the personnel of the procurement system and had too close relationship with suppliers; cronyism led to low staff morale and a large number of internal brain drain; he did not have the ability to lead lucky coffee and insufficient strategic planning ability.”
Later, Guo Jinyi also issued a full letter in response, saying that the letter was drafted by Lu Zhengyao, Qian Zhiya and other organizations, and that some of the staff involved were not aware of the truth and were coerced into signing.
The board of directors of lucky coffee subsequently established an independent group (task force) led by one of the Provisional Liquidators Appointed by the court of caymann and participated by independent directors. The task force hired external legal advisers and legal and political experts to form an investigation group, and instructed the investigation group to conduct a comprehensive and independent investigation into the allegations involved in the request letter.
It is understood that in the past month, the investigation team interviewed nearly 40 people, including external personnel and the signer of the request letter. We also reviewed more than 50000 relevant transaction documents, company policies and procedures, e-mails and other documents, and completed the relevant investigation.
After investigation, the investigation team did not find any evidence to show that Guo jinyiboshi had the misconduct described in the request letter, and the relevant investigation results have been reported to the board of directors.
The board of directors then informed all employees of the survey results
The “forced palace event” has also been interpreted as a dispute between the old and new forces of lucky coffee. After the investigation of Guo Jinyi, it remains to be seen whether lucky coffee, with the Internet coffee model, can return to the essence of business and return to the right track.