(Yicai) June 24 -- Shares of Haidilao International Holding dropped after the Chinese hotpot chain’s chief executive officer resigned from the position to take charge of its overseas business.

Haidilao [HKG: 6862] closed down 2.3 percent at HKD14.76 (USD1.89) in Hong Kong today, after earlier plunging as much as 7 percent.

Yang Lijuan resigned from all positions at Haidilao and will become the executive director and CEO of Super Hi International Holding, the overseas operator of Haidilao’s hotpot restaurants, the Jianyang-based parent company announced on Friday.

Yang, 45, worked at Haidilao for 25 years, starting as a waitress. She had been serving as CEO since 2012. According to the Hurun Research Institute’s China Richest Professional Managers 2021 List, she had a net worth of CNY12.5 billion (USD1.7 billion) that year.

Yang led Haidilao’s expansion in Singapore in 2012 and in the United States in 2013, laying the foundation for its current overseas business positioning, according to Super Hi.

Haidilao’s Deputy General Manager Gou Yiqun will replace Yang as the company’s new CEO from July 1, Haidilao noted. Gou was Haidilao’s chief financial officer and the person in charge of information technology, supply chain, procurement management, and investment.

Editor: Futura Costaglione