Joey Wat

Yum China and CEO Joey Wat can finally breathe a sigh of relief. When Chinese government officials sent entire cities into weeks- and monthslong COVID lockdowns last year, Wat–who’s served as CEO since 2018, and been part of the company since it was still part of Yum! Brands–sprang into action to protect employees, refraining from layoffs and launching a mutual aid fund to help employees struggling with COVID. Now, as China reopens, Yum China, which operates KFC, Pizza Hut, and Taco Bell outlets in China, can start to recover. The company’s fast-food sales are proving to be resilient even as China’s post-COVID comeback sputters. The company had already earned more profit by the end of June ($673 million) than in the entirety of 2022. And Yum China has turned to licensed brands, like Pokémon and mobile game Genshin Impact, to juice sales even more. In a sign of optimism, Yum China now plans to open 1,600 stores in 2023, instead of the 1,300 it projected earlier this year.