Pizza Hut completes $2.7 billion sale and CEO transition

Yum! Brands has completed a $2.7 billion divestment of Pizza Hut operations through two separate agreements. A significant portion of the deal involves the sale of Pizza Hut’s operations in the United States and all markets outside of mainland China to the private equity firm LongRange Capital for $1.5 billion.

Following the completion of the sale, Pizza Hut Global CEO Aaron Powell resigned from his position and all other roles within the company, effective September 1. Powell, who had led the brand since 2021, noted that while LongRange Capital offered him a continuing role, he decided that the closing of the transaction was the appropriate time to depart.

Yum! Brands originally announced the decision to restructure and sell parts of the chain in June, citing several industry challenges. These include declining demand, increased market competition, and shifting consumer habits, specifically noting the rise in the use of GLP-1 weight-loss medications.