The billionaire entrepreneur who co-founded Haidilao International Holding Ltd. has stepped down as chief executive, as the Chinese chain of hot-pot restaurants tries to move past an ill-timed expansion during the pandemic.
Zhang Yong is being replaced as CEO by his former deputy, Yang Lijuan. The change was announced eight days after Haidilao warned it expected to record an annual loss equivalent to more than $600 million, following its decision to close or suspend its operations at hundreds of restaurants.
