In response to yesterday’s online rumor that seven vice presidents and other executives of RuiXing Coffee signed a joint letter collectively requesting the removal of Guo ZhuanYi, the current chairman and CEO of RuiXing Coffee, RuiXing Coffee insiders confirmed to the New Beijing News that this is true, but the details cannot be disclosed. 2017 founded RuiXing Coffee was revealed to have falsified its finances by RMB 2.2 billion in April last year, and Lu ZhengYao was accused of being one of the main manipulators behind it; the market value of RuiXing has since plummeted and was delisted from the Nasdaq exchange in June last year.
According to a report in the Union-Tribune today, several senior executives of RuiXing Coffee have joined together to remove CEO Guo ZhuanYi. According to several Chinese media reports, the joint letter states that RuiXing Coffee is on the verge of extinction due to Guo’s “lack of ethics and incompetence”; in order to protect the interests of employees, consumers and investors, several executives have jointly requested the board of directors and major shareholders to immediately remove Guo as chairman and CEO and appoint a new senior management as soon as possible. senior management as soon as possible.
The joint letter also cites a number of “failures” by Kok, including allegations of corruption and supplier fraud through gloves, to the detriment of the company. The letter also suggested that he had purged and controlled personnel in the procurement system, undermining the original independent internal control mechanism of the supply chain. In addition, the joint letter said that Guo Zhuangyi has reimbursed his personal invoices in large amounts and siphoned off huge amounts of cash since he became the chairman and CEO of RuiXing Coffee.
According to the report, Guo reportedly issued a letter to all employees yesterday in response, saying that the letter was drafted by Lu Zhengyao, the founder and former chairman of RuiXing Coffee, and other organizations, stressing that some of the employees involved were unaware of the truth and were blackmailed into signing it. According to Guo Zhuangyi wrote: “I have personally requested the board of directors to set up an investigation team to investigate me regarding the said incident in the first place, in order to restore the truth! I have assured the board of directors that I will not interfere with the work of the investigation team and will fully cooperate with the investigation.” Guo Zhuan Yi also said that he has no conscience about what he has done since he took office. At the same time, he asked the board of directors to investigate the organizers of the report and the motives of the process. “The company is now operating steadily and its revenue is looking up, which is something that some fake outs never want to see. Malicious poaching and constant rumors in an attempt to destroy the company and scourge the team, please all RuiXing people have the right understanding!”
The report cited public information showing that Guo Zhuangyi has been appointed as the new CEO and chairman of RuiXing Coffee since July 2020, while Lu Zhengyao’s chairmanship was lifted.
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