Latest news with #DavidGibbs
Miami Herald
25-06-2025
- Business
- Miami Herald
Pizza Hut makes big menu change amid startling customer behavior
It is no secret that consumers nationwide are pulling back their spending on fast food for several reasons, such as to save money due to concerns about inflation and tariffs. Also, more consumers are pivoting towards healthier foods, a trend that blossomed after the Covid pandemic. Fast-food prices have also increased by roughly 47% over the past decade, which has scared away many consumers struggling to afford a higher cost of living. Don't miss the move: Subscribe to TheStreet's free daily newsletter A survey from LendingTree last year found that 78% of Americans view fast food as a luxury, since it has become less affordable. Also, 62% of Americans said they're eating less fast food due to rising prices, and 56% said they choose to make food at home when they want an easy and cheap meal. Related: Pizza Hut struggles to reverse troubling consumer trend Amid this consumer trend, Pizza Hut, which is owned by Yum Brands (YUM) , saw its system sales in the U.S. decrease by 7% year-over-year during the quarter, and its operating profit dipped by a whopping 20%. During an earnings call in April, Yum Brands CEO David Gibbs said Pizza Hut's sales performance in the U.S. was "disappointing" and flagged that the pizza chain was operating in an "intense competitive environment." "Pizza Hut is in a tough category right now in QSR (quick-service restaurants) in the U.S., and certainly the pizza category with everybody reporting negative sales is pressured," said Gibbs during the call. "But we've obviously seen Pizza Hut have significant growth in years past when they get the offerings right for consumers, like with melts and value." Image source: Shannon O'Hara/Getty Images To help attract customers back into its stores, Pizza Hut is shaking up its menu with four new limited-edition items at discounted prices. The pizza chain has launched Hut Lover's Pizzas, which include a new Spicy Hawaiian Lover's pizza that contains "spicy marinara sauce, ham, bacon, pineapple, jalapeño, and red chili flakes," according to a new press release. Related: Domino's Pizza suffers a startling loss as customers switch gears It also introduced a Meat Lover's pizza, which is topped with "pepperoni, Italian sausage, ham, bacon, seasoned pork, and beef." Pizza Hut's new Pepperoni Lover's pizza just contains extra cheese and pepperoni, while its new Veggie Lover's pizza is loaded with "mushrooms, onions, green peppers, diced tomatoes, and black olives." A large size of one of these pizzas costs $12.99. This is a deal, because a large pizza at Pizza Hut usually costs a little under $20, depending on the region. The new announcement from Pizza Hut comes after it recently made several bold attempts this year to win back customers. More Food + Dining: Papa Johns makes major menu change to win back customersSteak 'n Shake's beef tallow fries aren't as healthy as they appearChick-fil-A angers customers with major change in stores In February, it introduced its Ultimate Hut Bundle. This deal allows customers to order two medium pizzas, any eight boneless wings, sticks, and two dipping sauces, starting at $24.99. The following month, Pizza Hut brought back Cheesy Bites Pizza, a fan-favorite menu item, for a limited time. It also introduced three new exclusive dipping sauces: Chipotle Ranch, Ultimate Ranch, and Pepperoni Ranch. During the earnings call in April, Gibbs said that Pizza Hut will focus on its "3D strategy" to boost its sales going forward. This strategy includes "distinctive offerings for group occasions, dependable everyday value through platforms such as the $7 deal levers, and disruptive innovation to gain share in a competitive market." Related: McDonald's to suffer massive boycott from customers The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
19-06-2025
- Business
- Yahoo
KFC's parent company Yum! Brands names new CEO
KFC's parent company, Yum! Brands has appointed Chris Turner as its new CEO from 1 October 2025. Turner will take over the role from David Gibbs, who plans to retire after a 37-year tenure with the brand. Gibbs will continue as the brand's adviser until the end of 2026. Since 2019, Turner has been the chief financial officer at Yum! Brands. In 2024, his position grew to encompass the role of chief franchise officer. His duties included overseeing finance, corporate strategy, the supply chain, maintaining franchise standards and providing support. Turner has been pivotal in advancing the brand's strategic initiatives, especially in the digital and technology arenas. His leadership saw the launch of the Byte by Yum! AI-driven restaurant technology platform, and the Saucy by KFC concept. Turner also led the creation of a global supply chain centre of excellence. His responsibilities will include fostering the Good Growth strategy, which encompasses digital initiatives and scaling new ideas to enhance the company's leading brands. Turner stated: 'I want to sincerely thank David Gibbs for his exceptional leadership and partnership. 'I'm excited to build on all that we've accomplished together alongside our talented teams and in partnership with our franchisees around the world, as we innovate, grow our brands, and continue delivering exceptional experiences for our consumers.' Yum! Brands is headquartered in the US state of Kentucky and operates 61,000 restaurants in 155 countries under the Taco Bell, Pizza Hut, Habit Burger & Grill and KFC concepts. For the first quarter of the fiscal year 2025, which ended 31 March, Yum! Brands reported 5% growth in its worldwide system sales, excluding the impact of foreign currency translation. "KFC's parent company Yum! Brands names new CEO" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-06-2025
- Business
- Yahoo
Yum Brands CFO to receive $1.1M salary as next CEO
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Yum Brands CFO and Chief Franchise Officer Chris Turner is set to receive an annual base salary of $1.1 million when he becomes CEO of the multinational restaurant giant, effective October 1, according to a Tuesday securities filing. A six-year veteran of the Louisville, Kentucky-based company, which owns such fast-food restaurant chains as Taco Bell, Pizza Hut, and KFC, Turner will succeed CEO David Gibbs, according to a Tuesday press release. Gibbs, who logged a 37-year career at the business, including a five-year tenure as CFO, in March informed the board he would retire, the company said. Gibbs will remain in the top executive chair until Sept. 30, and will remain as an advisor until 2026 to ensure a smooth transition, according to the release. 'I'm deeply honored to be named the next CEO of Yum! Brands. It is truly humbling to be given the opportunity to lead this remarkable company and our iconic brands,' Turner wrote in a Tuesday post on his LinkedIn profile.'Yum!'s success is a testament to what we can achieve when we foster a truly collaborative culture. David leaves a legacy of partnership, and I'm committed to sustaining and strengthening that spirit in the years ahead.' Turner, 50, joined the company as its CFO in 2019 and took on the additional position of chief franchise officer in 2024, according to the Tuesday press release. Prior to joining Yum, Turner served in a variety of executive roles at beverage firm PepsiCo, including as its SVP and GM, global Walmart Service Team, according to his LinkedIn profile. In addition to his $1.1 million base salary, Turner will also receive an annual cash bonus with a target value of 200% of his base salary, and a maximum value of equal to three times his target bonus, the company said in its Tuesday filing with the Securities and Exchange Commission. He will also receive a long-term equity incentive award with an aggregate value of $1.5 million for 2025, made up of stock appreciation rights (25%), restricted stock units (25%) and performance share units (50%) covering the 2025-2027 performance period, according to the filing. His long-term equity award for 2026 is expected to have an aggregate value of $10.1 million, comprised of RSUs, PSUs and stock appreciation rights in the same proportions, according to the filing. The CEO announcement comes after the restaurant brand operator reported total revenues of $1.7 billion, a 12% jump YoY, for its most recent quarter ended March 31. Meanwhile, its net income fell 19% to $253 million, according to its earnings results. The company has also announced a number of sweeping changes and initiatives this year, including plans to create two new headquarters in Irvine, California and Plano, Texas, the company said in a February press release. Yum has also taken several steps to integrate artificial intelligence technologies further into its restaurants, announcing a partnership with chipmaker NVIDIA in March to 'accelerate the development of innovative AI technologies for Yum! restaurants around the globe,' according to a press release at the time. During his tenure as CFO, Turner was 'instrumental in driving bold actions that leverage Yum!'s scale,' including accelerating its digital and technology transformation efforts, the company said. That included helping to foster projects such as its 'Byte by Yum!' offering, an AI-powered platform the restaurant operator launched in February. The platform, which can be utilized by franchises including KFC, Taco Bell, Pizza Hut and Habit Burger & Grill, aggregates features such as online and mobile ordering, inventory and labor management and menu management into one place for franchisees. The Byte by Yum! platform has already delivered results, CEO Gibbs said during the company's first quarter earnings call on April 30, noting the company saw a 12% increase in digital sales year-over-year for the quarter, according to a transcript on Seeking Alpha. Yum Brands declined to comment beyond its press release. Recommended Reading Price cuts eat into Tesla margins, fail to boost demand
Yahoo
18-06-2025
- Business
- Yahoo
Taco Bell, KFC Parent Yum! Brands Announces CFO to Take Over as CEO
Yum! Brands said Tuesday that it has appointed CFO Chris Turner as its next CEO. The KFC and Taco Bell parent said Turner will take over the top job in October. The company's current CEO David Gibbs announced his retirement in March, and will leave at the end of food giant Yum! Brands (YUM) will have a new CEO later this year, when CFO Chris Turner will take over the top job from the retiring David Gibbs. Gibbs, who has been CEO since 2020 and with Yum! Brands in various capacities for 37 years, informed the company's board in March of his plans to retire in the next year. On Tuesday, the Taco Bell, KFC, and Pizza Hut parent company said Gibbs will retire at the end of September, and remain as an advisor through the end of 2026. Turner will become CEO on Oct. 1, the company said Tuesday. He has served as CFO since 2019, and last year also took on the title of Chief Franchise Officer. In its latest quarterly results in April, Yum! reported a 12% bump in first-quarter revenue from the same time a year ago to $1.79 billion as same-store sales rose at KFC and Taco Bell, but declined 2% at Pizza Hut. Shares of the fast-food company were down less than 1% Tuesday morning. They entered the day up about 5% since the start of the year. Read the original article on Investopedia
CTV News
17-06-2025
- Business
- CTV News
KFC parent Yum Brands' finance chief Chris Turner to take over as CEO
Yum Brands on Tuesday named its finance chief Chris Turner as its CEO, succeeding company veteran David Gibbs, who is retiring next year. Turner, who has been the company's CFO since 2019 will take charge as CEO from Oct. 1. Gibbs will remain at Yum Brands in an advisory capacity until the end of 2026, the company said. Gibbs has been with Yum Brands for about 37 years, and took over as CEO of the Taco Bell parent in 2020. Turner has previously worked with packaged food giant PepsiCo PEP.O, as well as consulting firm McKinsey & Co. (Reporting by Juveria Tabassum in Bengaluru; Editing by Leroy Leo)
