Yum says Pizza Hut CEO Aaron Powell resigns
On September 1, Yum Brands announced that Pizza Hut's CEO Aaron Powell has resigned from his position and other roles within the company. The decision comes after the successful completion of the sale of Pizza Hut through two deals valued at $2.7 billion. In the United States and worldwide, excluding mainland China, the stores were sold to LongRange Capital for $1.5 billion.
Powell had previously announced his departure in an August LinkedIn post, mentioning that LongRange had offered him a continuing role. Yum Brands made the announcement of the sale in June, citing persistent declines in the struggling chain due to weak demand, fierce competition, and the increasing use of GLP-1 weight-loss drugs.
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