| China

Luckin Coffee appoints new CFO following financial restructuring

The Chinese coffee chain has appointed Jing An as Chief Financial Officer and announced that outgoing CFO Reinout Hendrik Schakel will oversee company growth plans as Chief Strategy Officer

Schakel has been credited with ‘positioning Luckin Coffee for sustainable growth and success’ | Photo credit: via Shutterstock


 

Luckin Coffee has announced Jing An as its new Chief Financial Officer. An assumes the role from Reinout Hendrik Schakel, who led the company’s financial restructuring following the mismanagement of sales in 2019. 
 

Schakel will continue to serve as the company’s Chief Strategy Officer, where he will coordinate Luckin Coffee’s long-term strategic planning and help identify growth opportunities for the organisation. Luckin Coffee recently exceeded 7,000 stores in China


Schakel served as both Chief Financial Officer and Chief Strategy Officer since January 2019, overhauling the company’s financial department following revelations in April 2020 that Luckin Coffee had fabricated as much as $340m of its reported 2019 sales. 


The coffee chain also credits Schakel with ‘spearheading’ its successful financial restructuring and ‘positioning Luckin Coffee for sustainable growth and success’. 


In May 2022 the technology-led coffee chain achieved the important milestone of its maiden operating profit, with first quarter revenue reaching $379.3m. 


“With our financial restructuring now substantially completed, this is the right time for Mr. Schakel to focus on his role as Chief Strategy Officer. We are at a pivotal point in Luckin Coffee’s growth story, and we are thrilled to continue benefitting from Mr. Schakel’s leadership and expertise and look forward to the value he will continue to generate for us and our stakeholders in his more focused role,” said Jinyi Guo, CEO, Luckin Coffee. 


Jing An previously served as Chief Financial Officer for 58 Daojia Inc., an online platform advertising services such as cleaning, moving, babysitting and beauty care. 


“With her expertise leading finance functions and past experience helping technology companies grow, Ms. An will be a tremendous asset as we work to further strengthen our leading market position and capture the significant opportunities that lie ahead,” added Guo. 


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