News Snapshot:
BEIJING (Reuters), China’s Haidilao announced today that Zhang Yong, the billionaire founder of its chain of hotpot restaurants in China, has resigned as CEO. His focus will now be on long-term strategic planning. In March, Yang Lijuan (43) was appointed chief operating officer and deputy CEO of Haidilao. Li Yu (36 years old) was appointed as COO for its mainland China operations, while Wang Jinping (38) was made COO for its Hong Kong, Macau and Taiwan operations. Citi analysts reported in a note that these appointments underlined Citi’s resolve to revamp its management, “via bringing ahead its senior management transition...
