Billionaire founder of Chinese hotpot chain Haidilao steps down as CEO

Haidilao said founder Zhang Yong will shift his focus to long-term strategy planning and retain the title of chairman. - Bloomberg

BEIJING (Reuters): China's Haidilao, which operates a chain of hotpot restaurants, said its billionaire founder Zhang Yong has stepped down as CEO and will shift his focus to long-term strategy planning.

The move, which comes amid efforts by Haidilao to slash store numbers, has seen Yang Lijuan, 43, formerly deputy CEO and chief operating officer, take the helm as of March 1.