Pizza Hut could soon be up for sale.
Yum Brands, Pizza Hut’s parent company, said Tuesday it’s conducting a formal review of options for the brand, which has struggled to compete in a crowded pizza market.
Yum CEO Chris Turner said Pizza Hut has many strengths, including a global footprint and strong growth in many markets. Pizza Hut has nearly 20,000 stores in more than 100 countries, and its international sales were up 2% in the first nine months of this year. China is its second-largest market outside the U.S.
But Pizza Hut gets nearly half its sales from the U.S., where it has around 6,500 stores, and U.S. sales fell 7% in the same period. Pizza Hut was long saddled with large, outdated dine-in restaurants at a time when consumers wanted fast pickup and delivery.
Big Tesla investor will vote against Musk’s pay package
Norway’s sovereign wealth fund, one of Tesla’s biggest investors, said Tuesday that it will vote against a proposed compensation package that could pay CEO Elon Musk as much as $1 trillion over a decade.
There will be more than a dozen company proposals up for a vote Thursday during Tesla’s annual meeting, but none have generated more division than Musk’s potentially massive pay package.
The fund has a 1.16% stake, the sixth largest holding among institutional investors. Musk is the company’s largest investor, holding 15.79% of all outstanding shares.
Tesla management has proposed a compensation arrangement that would hand Musk shares worth as much as 12% of the company in a dozen separate packages if the company meets ambitious performance targets, including massive increases in car production, share price and operating profit.
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