Yum says Pizza Hut CEO Aaron Powell resigns
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FILE PHOTO: A security guard stands in front of a Pizza Hut fast food restaurant in Abidjan, Ivory Coast October 5, 2024. REUTERS/Luc Gnago/File Photo
Sept 1 (Reuters) - Yum Brands said in an regulatory filing on Tuesday that Aaron Powell, the chief executive of Pizza Hut, has resigned from the role and other positions with the company following completion of the chain's sale.
Here are some details:
• The company, which also owns Taco Bell and KFC, said earlier in the day that it completed the sale of Pizza Hut through two deals worth a combined $2.7 billion. Its stores in the U.S. and the rest of the world except for mainland China were sold to private equity firm LongRange Capital for $1.5 billion.
• Powell, Pizza Hut's global CEO since 2021 - according to his LinkedIn profile - stepped down effective September 1, the filing said.
• He had announced his departure in a LinkedIn post in August and said LongRange had offered him a continuing role.
• Yum Brands announced sale of the struggling chain in June after facing persistent declines on the back of weak demand, rising competition and growing use of GLP-1 weight-loss drugs.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shailesh Kuber)
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