Zhang Yong, the millionaire founder of Chinese hotpot chain Haidilao, has stepped down as CEO while the company restructures its operations and reduces its restaurant network.

Yang Lijuan, formerly Deputy CEO and Chief Operational Officer, took over as CEO on March 1 as part of Haidilao's restructuring efforts.

Zhang will continue to serve as Chairman and Executive Director, but will focus on building Haidilao's long-term goals, the company announced in a filing with the Hong Kong Stock Exchange.

The newly hired CEO will be in charge of boosting Haidilao's productivity. Despite the pandemic, the corporation continued to open new stores and expand at a rapid pace. As of last June, it had nearly 1,600 restaurants, including 1,491 in mainland China and 106 in Hong Kong, Macau, and other locations.


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