Joey Wat

In this Chinese name, the family name is Wat (surname).
Joey Wat
Wat in 2021
Born1971 (age 52–53)
Fujian, China
Alma materHong Kong University, Northwestern University's Kellogg School of Management
OccupationCEO of Yum China
EmployerYum China
SpouseJohn H. Ott

Joey Chui Yung Wat (Chinese: 屈翠容; pinyin: Qū Cuìróng; born c. 1971) is the chief executive officer of Yum China. She also was CEO of KFC China, managing director of A.S. Watson Group UK, and spent seven years in management consulting.[1][2][3]

As of May 2020, she is one of only 37 female CEOs on the Fortune 500.[4]

Early life and education

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Wat was born on June 26, 1971, in a poor neighborhood near Fuzhou, China.[5] Wat's family moved to Hong Kong circa 1980.[5] Wat worked nights to support her family, while going to school during the day.[6] She worked at a factory that created plastic flower arrangements starting at the age of nine.[7][8] and also worked as a waitress between the ages of 15 and 18.[7][9] She graduated third in her class in high school[6] and won the Hong Kong Outstanding Students Award.[10]

After high school, Wat attended the University of Hong Kong, where she studied development economics.[5] After graduating with first-class honors in 1994,[11][12] she returned to her hometown in Fuzhou. She saw that the area had prospered due to private investment. She decided to go into business, initially working at AT Kearney, a business consultancy.[5] Then, she moved to the United States to attend Northwestern University's Kellogg School of Management,[13] where she earned a Master's degree in Business Administration.[5][14]

Career

[edit]

Wat started her career as a consultant at A.T. Kearney,[15] and then from 2000 to 2003 as a management consultant at McKinsey & Company in Hong Kong.[16][17]

She joined A.S. Watson Group UK in 2004, becoming head of strategy for over 10 countries in Europe and managing director of A.S. Watson Group UK.[1][18][19]

In 2014, Wat left A.S. Watson Group and moved back to China, where she started working for Yum! Brands.[20][21] Wat started as the President of KFC China in 2014.[22][23] She was promoted to CEO of KFC China in 2015.[22] KFC was Wat's first position in the food industry.[24] 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.[25]

Wat modernized KFC’s China business with digital marketing, delivery services, online payments,[25] digital food ordering,[26] renovated stores, and new uniforms created by fashion designers.[25][22] Over time, profits improved, and more than 95% of KFC stores in China were renovated as of 2019, while more than 1,000 new KFC stores were opened from 2014-2019.[22]

In 2016, Yum China was spun-off from Yum! Brands as an independent company and listed on the New York Stock Exchange.[22] Wat became the CEO of the new Yum China, in 2018,[22][27] overseeing the China operations of KFC, Pizza Hut, and other restaurant brands,[22] with roughly 450,000 employees in China.[28] Wat focused on digital initiatives and modernization like she did for KFC.[29] By 2020 over 90% of customer payments were digital.[30] She also implemented an online loyalty program that exceeded 300 million participants by 2021.[23]

During the COVID-19 pandemic, Wat expanded on Yum China's contactless food delivery services,[23] set up a fund to assist affected employees,[31] and expanded on Yum China's health insurance program for families of store managers.[32] At the start of the pandemic, Wat temporarily closed one-third of Yum China's locations, most of which were re-opened a few weeks later.[23]

Wat is credited with Yum China's overall growth during her tenure as CEO.[33][23] She has worked to improve Yum China’s supply chain and operations processes to launch a wider range of dine-in, delivery, and off-premise food items.[23][32] Yum China introduced approximately 400 new or updated menu items at its restaurants in 2019[32] and over 500 in 2020.[23]

Recognition

[edit]

Wat has been repeatedly included in Forbes' list of the World's 100 Most Powerful Women[34][35][36] as well as Fortune Magazine's list of Most Powerful Women, Forbes China's list of Top 100 Businesswomen,[37][38][39][40][41] and Fortune China's Most Powerful Women in Business list[42][43][44][45][46][47][48] and Fortune China's list of China's 50 Most Influential Business Leaders.[49][50][51][52][46] In 2020, she was also included in Business Insider's list of 100 People Transforming Business in Asia.[53]

See also

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References

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  1. ^ a b Gibbs, Alexandra (April 10, 2018). "Why Joey Wat decided to take on a challenging job opportunity — that had a high risk of failure". CNBC. Retrieved August 8, 2018.
  2. ^ "Joey Wat: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved August 8, 2018.
  3. ^ Armental, Maria (October 5, 2017). "Yum China Looks to KFC For Next CEO". Wall Street Journal. ISSN 0099-9660. Retrieved August 8, 2018.
  4. ^ Hinchliffe, Emma (May 16, 2019). "The number of female CEOs in the Fortune 500 hits an all-time record". Retrieved May 19, 2019.
  5. ^ a b c d e Shah, Oliver (January 19, 2014). "Street smart fighter puts smiles back at Superdrug". The Times & The Sunday Times. Retrieved October 25, 2023.
  6. ^ a b "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.
  7. ^ a b Shapiro, Eben (December 6, 2020). "Joey Wat, CEO of Yum China, Shares Lessons On Controlling COVID". Time. Retrieved October 31, 2023.
  8. ^ Lussier, Robert N.; Achua, Christopher F. (January 1, 2015). Leadership: Theory, Application, & Skill Development. Australia Brazil Singapore United Kingdom United States: Cengage Learning. pp. 397–400. ISBN 1-285-86635-5.
  9. ^ Gibbs, Alexandra (April 6, 2018). "Why the CEO of Yum China wants young professionals to keep on learning". CNBC. Retrieved October 31, 2023.
  10. ^ "【信報月刊】以同理心管理45萬員工 百勝中國屈翠容不賺錢的經營智慧". 信報編輯推介 (in Chinese). May 31, 2022. Retrieved November 20, 2023.
  11. ^ "俠女屈翠容Joey". 信報網站 hkej.com (in Chinese). November 20, 2023. Retrieved November 20, 2023.
  12. ^ "屈翠容小档案 _大公网". 大公网 (in Chinese). March 8, 2023. Retrieved November 20, 2023.
  13. ^ 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.
  14. ^ Wei, He (April 13, 2018). "Catering to consumers' evolving preferences". Chinadaily.com.cn. Retrieved October 31, 2023.
  15. ^ 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 August 8, 2018.
  16. ^ "Yum China appoints next CEO". Retrieved August 8, 2018.
  17. ^ "Joey Wat insider trading (SEC form 4) – wallmine.com". wallmine.com. Retrieved August 8, 2018.
  18. ^ "Yum China (YUMC) Says CEO Micky Pant to Transition to Vice Chairman, Joey Wat to Succeed". StreetInsider.com. October 5, 2017. Retrieved August 8, 2018.
  19. ^ "Yum China promotes Joey Wat to CEO". www.poandpo.com. October 9, 2017. Retrieved August 8, 2018.
  20. ^ Wei, He (April 13, 2018). "Catering to consumers' evolving preferences". Chinadaily.com.cn. Retrieved October 31, 2023.
  21. ^ Gibbs, Alexandra (April 10, 2018). "Why Joey Wat decided to take on a challenging job opportunity". CNBC. Retrieved October 31, 2023.
  22. ^ a b c d e f g Flannery, Russell (February 6, 2019). "Meet The 'Force Of Nature' Propelling Yum China's Sales And Shares". Forbes. Retrieved October 31, 2023.
  23. ^ a b c d e f g 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.
  24. ^ 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.
  25. ^ a b c "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.
  26. ^ 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.
  27. ^ 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.
  28. ^ 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.
  29. ^ Lussier, Robert N.; Achua, Christopher F. (January 1, 2015). Leadership: Theory, Application, & Skill Development. Australia Brazil Singapore United Kingdom United States: Cengage Learning. pp. 397–400. ISBN 1-285-86635-5.
  30. ^ 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.
  31. ^ "Fortune's Most Powerful Women: Joey Wat". Fortune Magazine. 2023.
  32. ^ a b c "What Asia's CEOs have learned from the earliest global efforts to reopen". Fortune. June 9, 2020. Retrieved November 11, 2023.
  33. ^ "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.
  34. ^ "The World's Most Powerful Women 2023". Forbes. December 5, 2023. Retrieved January 24, 2024.
  35. ^ "The World's Most Powerful Women 2022". Forbes. December 6, 2022. Retrieved January 24, 2024.
  36. ^ "THE WORLD'S MOST POWERFUL WOMEN 2021". Forbes Africa. December 15, 2021. Retrieved February 26, 2024.
  37. ^ "2023福布斯: 中国杰出商界女性100" (in Chinese). Forbes. Retrieved January 26, 2024.
  38. ^ "2022福布斯: 中国杰出商界女性100" (in Chinese). Forbes. Retrieved January 26, 2024.
  39. ^ "2021福布斯中国杰出商界女性榜" (in Chinese). Forbes. Retrieved January 26, 2024.
  40. ^ "《2020福布斯中国商界女性排行榜》前十名照片曝光" (in Chinese). 163.com. Retrieved January 26, 2024.
  41. ^ "2019福布斯:中国最杰出商界女性排行榜". Forbes China (in Chinese).
  42. ^ "2023年《财富》中国最具影响力的商界女性". Fortune Magazine (in Chinese). October 25, 2023.
  43. ^ "2022年中国最具影响力的商界女性". Fortune Magazine (in Chinese). November 1, 2022.
  44. ^ "2021年中国最具影响力的商界女性". Fortune Magazine. November 9, 2021.
  45. ^ "2020年中国最具影响力的商界女性". Fortune Magazine (in Chinese). December 1, 2020.
  46. ^ a b Birch, Kate (August 10, 2023). "How Yum China is driving innovation in the restaurant space". Business Chief Asia. Retrieved January 24, 2024.
  47. ^ "2018年中国最具影响力的25位商界女性" (in Chinese). December 11, 2018.
  48. ^ "Most Powerful Women". Fortune. December 18, 2023. Retrieved January 26, 2024.
  49. ^ "2023年中国最具影响力的50位商界领袖". Fortune China (in Chinese). October 25, 2023.
  50. ^ "2022年中国最具影响力的50位商界领袖". Fortune China (in Chinese). November 1, 2022.
  51. ^ "2021年中国最具影响力的50位商界领袖". Fortune China (in Chinese). November 9, 2021.
  52. ^ "2018年中国最具影响力的50位商界领袖". Fortune China (in Chinese). December 11, 2018.
  53. ^ "Women lead 10% of Fortune 500 Companies". wetexas.biz. Retrieved January 26, 2024.
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