User:Coreyhcooper/Joey Wat Draft
Joey Wat | |
|---|---|
屈翠容 | |
 | |
| Pronunciation | Qū Cuìróng |
| Born | 屈翠容 1971 (age 52–53) |
| Alma mater | Hong Kong University, Kellogg School of Management |
| Occupation | CEO of Yum China |
| Employer | Yum China |
Joey Chui Yung Wat (Chinese: 屈翠容; pinyin: Qū Cuìróng; born c. 1971) is a businessperson. She is currently the CEO of Yum China, a China-based restaurant company. Wat is one of 37 female CEOs in the Fortune 500.[1] Originally from Fuzhou, China, she grew up in Hong Kong and earned a Bachelor's Degree from University of Hong Kong and an MBA from Northwestern University’s Kellogg School of Management.
Wat started her career working for business management consultancies. Then, at UK-based A.S. Watson Group, she helped revive the then-struggling Savers and Superdrug retail chains. She returned to China to join KFC in 2014, where she modernized the business's marketing, order-taking, and store design. In 2018, she was appointed CEO of Yum China, two years after the business was spun-off from Yum! Brands.
Early life and education
[edit]Wat was born on June 26, 1971 in a poor neighborhood near Fuzhou, China.[2] Wat's parents couldn't afford to send their children to school, so initially Wat learned from her sister.[2] As a child, she worked at a factory that created plastic flower arrangements,[3] starting at age 9.[4] She worked as a waitress from ages 15-18.[3][5] Wat's family moved to Hong Kong circa 1980.[2] Wat worked nights to support her family, while going to school during the day.[6]
After high school, Wat attended the University of Hong Kong, where she studied development economics.[2] After graduating in 1994,[7][8] she returned to her hometown. She saw that the area had water and electricity thanks to businesspeople creating factories in the area.[2] Wat decided instead to go into business and started working at a business consultancy, AT Kearney.[2] Then, she moved to the United States to attend the Northwestern University Kellogg School of Management,[9] where she earned a Master's in Business Administration.[2][10]
Career
[edit]Early career
[edit]Wat's first job after graduate school was with McKinsey & Company in 2000, where she supported retail businesses in Asia.[1][2] Wat worked for management consultancies for seven years.[11] When she was around 32, Wat moved to Britain and got a position with retail conglomerate A.S. Watson Group,[2] where she worked for 10 years.[11]
Wat started at A.S. Watson in 2004,[9] and was later promoted to head of strategy for Europe.[11] In 2007, she was appointed as managing director for Savers, a UK-based health and beauty chain owned by the group.[2][11] At the time, Savers was close to bankruptcy.[2] In part thanks to Wat's efforts, the chain rebounded, later growing to 400 stores and 3,000 staff.[11] Due to her work with Savers, Wat was promoted to managing director of A.S. Watson U.K. in 2012, making her also in charge of Savers' sister chain, Superdrug.[2][11] Superdrug was also struggling at the time,[12] due in part to competition from its larger rival, Boots.[2] Wat returned the business to profitability.[13]
Yum! Brands and Yum China
[edit]In 2014, Wat left A.S. Watson Group and moved back to China, where she started working for Yum! Brands.[10][11] Wat started as the President of KFC China in 2014.[12][14] She was promoted to CEO of KFC China in 2015.[12] KFC was Wat's first position in the food industry.[1] Wat studied KFC's business for six months prior to her appointment and submitted a report to the board on her strategy shortly after starting.[6]
Wat modernized KFC’s China business with digital marketing, delivery services, online payments,[6] digital food ordering,[15] and renovated stores. [6][12] Over time, profits improved.[12]
In 2016, Yum China was spun-off from Yum! Brands as an independent company and listed on the New York Stock Exchange.[12] Wat became the CEO of Yum China in 2018,[12][16] overseeing the China operations of KFC, Pizza Hut, and other restaurant brands,[12] with roughly 450,000 employees in China.[17] Wat focused on digital initiatives and modernization like she did for KFC.[4] By 2020 over 90% of customer payments were digital.[18] Wat also implemented an online loyalty program that exceeded 300 million participants by 2021.[14]
During the COVID-19 pandemic, Wat temporarily closed only one-third of Yum China's locations, most of which were re-opened a few weeks later.[14] She created a crisis management council, which managed COVID-related temporary store closures. [4] No employees were laid off during the pandemic.[14]
Wat is credited with Yum China's overall growth during her tenure as CEO.[13][14]
Personal life
[edit]Wat is married and has one child.[2]
References
[edit]- ^ a b c Teng, Tan Jou (October 5, 2020). "How did Joey Wat become leader of China's largest restaurant company?". South China Morning Post. Retrieved November 9, 2023.
- ^ a b c d e f g h i j k l m n Shah, Oliver (January 19, 2014). "Street smart fighter puts smiles back at Superdrug". The Times & The Sunday Times. Retrieved October 25, 2023.
- ^ a b Shapiro, Eben (December 6, 2020). "Joey Wat, CEO of Yum China, Shares Lessons On Controlling COVID". Time. Retrieved October 31, 2023.
- ^ a b c Lussier, Robert N.; Achua, Christopher F. (2015-01-01). Leadership: Theory, Application, & Skill Development. Australia Brazil Singapore United Kingdom United States: Cengage Learning. pp. 397–400. ISBN 1-285-86635-5.
- ^ Gibbs, Alexandra (April 6, 2018). "Why the CEO of Yum China wants young professionals to keep on learning". CNBC. Retrieved October 31, 2023.
- ^ a b c d "以同理心執掌餐飲王國 屈翠容：在百勝員工排第一". 經濟一週. March 11, 2023. Retrieved November 1, 2023.
- ^ "俠女屈翠容Joey". 信報網站 hkej.com (in Chinese). November 20, 2023. Retrieved November 20, 2023.
- ^ "屈翠容小档案 _大公网". 大公网 (in Chinese). March 8, 2023. Retrieved November 20, 2023.
- ^ a b Serwer, Max Zahn with Andy (May 15, 2021). "Cultural differences 'overrated' as obstacle to US-China relations: Yum China CEO". Yahoo Finance. Retrieved November 9, 2023.
- ^ a b Wei, He (April 13, 2018). "Catering to consumers' evolving preferences". Chinadaily.com.cn. Retrieved October 31, 2023.
- ^ a b c d e f g Gibbs, Alexandra (April 10, 2018). "Why Joey Wat decided to take on a challenging job opportunity". CNBC. Retrieved October 31, 2023.
- ^ a b c d e f g h Flannery, Russell (February 6, 2019). "Meet The 'Force Of Nature' Propelling Yum China's Sales And Shares". Forbes. Retrieved October 31, 2023.
- ^ a b "女CEO拼搏有嘉 带领百胜发展迅速". 星岛日报 (in Chinese). September 2, 2020. Retrieved October 31, 2023.
- ^ a b c d e Flannery, Russell (February 22, 2021). "What Would Colonel Sanders Say? Tea Eggs, Economic Rebound Help To Feed Growth At Yum China". Forbes. Retrieved October 31, 2023.
- ^ Ma, Wayne (November 6, 2017). "Fast Food Gets a Reboot in China: Tuna-Pesto Panini, Paid for by Facial Recognition". WSJ. Retrieved October 30, 2023.
- ^ Jiang, Irene; Thompson, Cadie. "Yum China CEO reveals why the company is tackling delivery in a completely different way from its rivals". Business Insider. Retrieved October 31, 2023.
- ^ Gilchrist, Karen (April 13, 2018). "The lessons learned during my restaurant job were some of the most important of my career, says Yum China CEO". CNBC. Retrieved October 31, 2023.
- ^ Ciment, Shoshy; Thompson, Cadie (January 23, 2020). "YUM China CEO says her over 450,000 employees are like a family that won't be replaced by automation". Business Insider. Retrieved October 31, 2023.