Tip Sheet: Hot Pot Heavyweight Haidilao Gets a New CEO After Warning of Huge Losses

High-end hot pot chain Haidilao, one of China’s best-known restaurant brands, has reshuffled its top leadership with founder Zhang Yong departing as CEO. He will remain chairman of the board.

Chief Operating Officer Yang Lijuan, who has been leading the firm’s downsizing strategy, has been tapped for the top job.

The change, which took place on March 1 according to a Hong Kong bourse filing, comes a week after Haidilao warned it may have lost as much money in the 2021 fiscal year as it made in profit in the previous three.