Guo Jinyi, chairman of Ruixing, responded that he was dismissed. What was the reason for his dismissal?

A "Request for Instructions on Dismantling Chairman and CEO of Guo Jinyi's Board of Directors in Luckin Coffee" put the fact of Luckin's coffee infighting on the table.

Luckin Coffee is the largest chain coffee brand in China. Starting with coffee, let Ruixing become a part of people's daily life? For the vision, by making full use of the new retail model of mobile internet and big data technology, we have deep cooperation with top suppliers in various fields and are committed to providing customers with high-quality, cost-effective and convenient products. Luckin Coffee's coffee beans won the gold medal in IIAC International Coffee Tasting Competition for two consecutive years.

Previously, Luckin Coffee's stock market plummeted by 85% because of fraudulent financial data. China Securities Regulatory Commission paid close attention to Luckin Coffee's financial fraud and strongly condemned the company's financial fraud. Soon after, Luckin Coffee was officially suspended and delisted for the record.

Rumors of Luckin Coffee infighting have been around all the time, but I didn't expect it to be a white-hot stage. So what is the reason for the dismissal of Chairman Ruixing? First, it harms the interests of the company, second, it engages in small groups, and third, it lacks ability. In this regard, I have the following views:

1. The letter of request for damage to the company's interests pointed out that in the supply chain, the current chairman of Ruixing cleaned and controlled the personnel in the procurement system in order to enrich himself, which destroyed the original independent internal control mechanism of the supply chain, transferred experienced independent directors to one side, and quickly promoted employees without any procurement experience to be responsible for the company's procurement audit and settlement, making the company's internal control mechanism ineffective. Under this premise, the current chairman uses the CEO's special approval to skip the normal procurement process and deliver huge benefits to some closely related suppliers.

Second, small groups began to retaliate against employees who didn't want to go along with him soon after the current chairman took office as CEO, and used the power of senior management positions to exclude dissidents and fight for differences among the parties, resulting in a situation in which everyone in the management felt insecure and worried.

Third, the current chairman does not have the background and experience needed to lead Luckin Coffee. Since he became chairman and CEO, he has not put forward any forward-looking strategic policy suggestions. I don't have a deep understanding of the market, I'm not familiar with the company's business growth points and difficulties, and I don't have a correct view on the key areas for future expansion. He doesn't do grass-roots research, nor does he listen to the opinions of employees who really know the situation. In the face of the rapidly changing market, if the chairman does not have a deep understanding of the technology and business foundation, the ship will capsize sooner or later.

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