Key facts
- Aaron Powell has resigned as CEO of Pizza Hut.
- Yum Brands completed the sale of Pizza Hut for $2.7 billion.
- LongRange Capital acquired Pizza Hut's non-China business for $1.5 billion.
- Yum China purchased Pizza Hut's China business for $1.2 billion.
- Powell had been CEO since 2021 and previously worked at Kimberly-Clark, Bain & Company, and Procter & Gamble.
Aaron Powell has resigned as the Chief Executive Officer of Pizza Hut, with his departure effective September 1, following the completion of the brand's sale by Yum Brands. Yum Brands announced the sale of the pizza chain, which it also owns alongside Taco Bell and KFC, for a combined $2.7 billion through two separate deals.
Private equity firm LongRange Capital acquired Pizza Hut's U.S. and international operations, excluding mainland China, for $1.5 billion. Simultaneously, Yum China purchased the China-based business for $1.2 billion. Powell, who had served as Pizza Hut's global CEO since 2021, stated in a LinkedIn post that he was proud of the company's progress during his tenure, including historic unit growth and a positive trajectory for the U.S. business.
Powell indicated that LongRange Capital had offered him a continuing role, but he decided it was the right moment to step down and begin his next chapter. He previously held positions at Kimberly-Clark, Bain & Company, and Procter & Gamble.