ByYue Wang,
Senior Contributor.
Zong Fuli, daughter of the late Hangzhou Wahaha Group founder Zong Qinghou, has stepped down as the privately held beverage giant’s chairman and CEO only a year after taking over.
The 43-year-old, who is also known by her English name Kelly, resigned on September 12, a Wahaha spokesperson told Forbes. The company declined to comment further.
The younger Zong’s resignation was first reported by local economic journal Caixin. Citing anonymous sources, the publication reported last Friday that Kelly decided to build her own beverage brand amid an escalating rift with other shareholders over the right to use the Wahaha brand. She continues to hold a 29.4% stake in the Hangzhou-based company, according to China’s Qichacha corporate information system.
