Pizza Hut chief executive Aaron Powell has resigned from his role after Yum Brands completed the sale of the struggling pizza chain through two deals worth a combined US$2.7 billion.
Yum Brands, which also owns KFC and Taco Bell, said in a regulatory filing that Powell stepped down effective September 1 following completion of the transaction.
The company sold Pizza Hut’s operations in the US and worldwide, excluding mainland China, to private equity firm LongRange Capital for US$1.5 billion.
Powell had served as Pizza Hut’s global CEO since 2021. He announced his departure on LinkedIn in August and said LongRange Capital had offered him a continuing role following the acquisition.
Yum announced the sale in June after Pizza Hut faced persistent declines amid weak consumer demand, intensifying competition and the growing use of GLP-1 weight-loss drugs.
The transaction marks a major shift for the pizza chain as it moves out of Yum’s portfolio and under new ownership.
Yum has retained Pizza Hut’s mainland China business, which was not included in the sale to LongRange Capital.
Reuters
