Yum! Brands is spinning off its struggling Chinese business
The new company, which accounts for more than half of today’s group revenue, will be led by Micky Pant, who was named the China unit’s chief executive officer in August, the agency said.
The news has been expected since last week, when Yum announced that activist investor Keith Meister, who had openly campaigned for such a split, has joined its board, after accumulating a stake of nearly 5% in the company through his investment firm Corvex Management LP.
上周百胜宣布，公开力主百胜拆分中国业务的激进投资者基思·梅斯特加入公司董事会。此前梅斯特旗下投资公司Corvex Management LP持有的百胜股份比例已接近5%。自梅斯特入主百胜董事会的消息公布后，业界就在预计百胜会有拆分之举。
The company has struggled in China since a tainted food scandal last year, and profits in the world’s second-largest market are expected to be stagnant this year, and may well be negative once foreign exchange rates are factored in.
Same-store sales at KFC in China are expected to grow by less than 4% year-on-year in the fourth quarter, the company said last week. Ironically, though, it’s Pizza Hut which is now faring worse in the world’s second-largest economy. Same-store sales there are expected to down on the year.
The move is a radical break for the company after nearly 30 years operating in China. One of the first western restaurant chains to exploit the country’s economic opening, KFC now has over 5,000 restaurants there. Pizza Hut, which first opened in China in 1990, has nearly 1,400 restaurants there.
revenue ['rev?nju:, -nu:]
vi. 累积；积聚vt. 积攒
vi. 作战；参加竞选；参加活动n. 运动；活动；战役
adj. 激进的；根本的；彻底的n. 基础；激进分子；[物化] 原子团；[数] 根数