LOUISVILLE, KY. — Micky Pant, a longtime executive of Yum! Brands, Inc., has been named chief executive officer of Yum! Restaurants China. He succeeds Sam Su, who announced his plans to retire as chairman and c.e.o. of the China Division. Mr. Su will serve as an executive adviser through February 2016 and also remain on the Yum! Brands board of directors to ensure a smooth and seamless transition.
|Micky Pant. new c.e.o. of Yum! Restaurants China.|
The company also announced that Joey Wat has been promoted to c.e.o. of KFC China and Peter Kao has been promoted to c.e.o. of Pizza Hut China. Mr. Wat most recently was president of KFC China, while Mr. Kao was senior vice-president and brand general manager of Pizza Hut China.
Mr. Wat and Mr. Kao will report to Mr. Pant.
“Sam Su is a restaurant industry pioneer in China, having established KFC and Pizza Hut as global powerhouses in the world’s fastest growing economy,” said Greg Creed, c.e.o. of Yum! Brands. “While we respect and support his decision to retire after a long and successful career with Yum!, we are grateful he has built a strong leadership team to carry on and leverage the unprecedented growth opportunity that China presents. I’m especially pleased this leadership transition comes at a time that same-store sales have turned significantly positive, demonstrating continued recovery in the business. We thank Sam for his many significant contributions to Yum and for ensuring a seamless transition of management to Micky Pant, who I am extraordinarily pleased will become chief executive officer of Yum! Restaurants China.
“Micky has been one of our most effective and visionary leaders at Yum for the past decade. He is one of the finest brand builders in the business with an unparalleled ability to understand consumer insights and to pursue strategies that build trust and loyalty. At the same time, he is a culture champion and world-class business executive, who knows how to run and grow profitable businesses and attract world-class talent. His strong leadership skills are evident in the tremendous success he has delivered at Yum! Restaurants International as president of KFC and Pizza Hut, and then as c.e.o. of KFC globally. Micky is the perfect person to next lead the China Division, given his vast knowledge of KFC and Pizza Hut best practices from around the globe.”
Mr. Creed said Angela Loh, who has served as chief concept officer, and Mark Chu, who has served as president, chief operating officer, will serve as senior advisers to Mr. Pant.
Mr. Creed also said Roger Eaton will become c.e.o. of the KFC Division outside of China and India. Mr. Eaton most recently was chief operations officer for Yum!
Yum! Brands has experienced a slower-than-expected recovery in China following a food safety scare in the region.China Division system sales fell 4% in the second quarter ended June 13, as 7% unit growth was offset by a 10% same-store sales decline. Total revenues fell 4% to $1,636 million from $1,709 million. Operating profit for the quarter fell 26% to $144 million, which included a negative impact of $1 million from unfavorable currency translation.