Joey Wat

Joey Wat is proving that foreign brands still have a place in China–so long as you’re willing to do the work researching the local market. Wat has run Yum China as CEO since 2018, two years after it split from its U.S. parent. The company now operates more than 16,500 stores, including Pizza Hut and KFC, throughout China. Yum China generates more revenue than its U.S. counterpart: $11 billion last year, compared to $7 billion by U.S.-based Yum Brands. Yum China is keeping ahead of two headwinds: sluggish consumption and growing ennui with foreign brands. How did Joey Wat and Yum China figure out how to stay ahead? Investing in smaller cities, exploring more affordable portions, and innovating with more locally inspired fare. A “Fortune Cat Crust Pizza,” with pistachio stuffed crust?