Joey Wat
Joey Wat | |
|---|---|
| Born | June 26, 1971 Near Fuzhou, China |
| Occupation | Business executive |
| Years active | 1994–present |
| Known for | CEO of Yum China |
Joey Chui Yung Wat (; born circa 1971) serves as the chief executive officer of Yum China. Her previous roles include CEO of KFC China, managing director at A.S. Watson Group UK, and seven years in management consulting.
As of May 2020, Wat ranks among the 37 female leaders heading companies on the Fortune 500 list.
Early life and education
Born on June 26, 1971, near Fuzhou, China, Wat relocated with her family to Hong Kong around 1980. To help support her household during her youth, she worked night shifts while attending school, taking on roles such as factory worker and waitress. She graduated third in her high school class and was honored with the Hong Kong Outstanding Students Award.
In 1994, Wat completed a first-class honors degree in development economics at the University of Hong Kong. After a brief return to Fuzhou where she witnessed economic expansion fueled by private investment, she embarked on her professional journey at consulting firm AT Kearney. Subsequently, she earned an MBA from Northwestern University's Kellogg School of Management.
Career
Wat launched her professional career as a consultant at A.T. Kearney and between 2000 and 2003 worked in management consulting with McKinsey & Company based in Hong Kong.
In 2004, she joined A.S. Watson Group UK, initially leading strategy across more than ten European countries before advancing to managing director of A.S. Watson Group UK.
Returning to China in 2014, Wat joined Yum! Brands as President of KFC China. The following year, she was promoted to CEO of KFC China, marking her entry into the food service sector. Prior to assuming this role, she conducted an extensive six-month analysis of KFC’s operations and swiftly presented a strategic plan to the board.
Wat spearheaded the modernization of KFC China by introducing digital marketing initiatives, delivery options, online payment systems, digital ordering platforms, store refurbishments, and uniforms designed by fashion experts. These efforts enhanced profitability and resulted in refurbishing over 95% of KFC outlets across China by 2019, alongside opening more than 1,000 new locations between 2014 and 2019.
Following the 2016 spin-off of Yum China from Yum! Brands and its listing on the New York Stock Exchange, Wat was appointed CEO of Yum China in 2018. She oversees operations for brands including KFC and Pizza Hut, managing a workforce of roughly 450,000 employees in China. Continuing her emphasis on digital innovation, by 2020 over 90% of customer transactions were conducted digitally. Additionally, she introduced an online loyalty program that attracted more than 300 million members by 2021.
During the COVID-19 pandemic, Wat expanded contactless delivery services, created a fund to assist impacted employees, and improved health insurance coverage for store managers’ families. Early in the pandemic, she temporarily closed about one-third of Yum China’s outlets; most reopened within weeks.
Wat is recognized for driving Yum China's expansion throughout her leadership. She enhanced supply chain efficiency and operational capabilities to support a broader mix of dine-in, delivery, and off-premise services. Under her guidance, Yum China launched approximately 400 new or updated menu items in 2019 and over 500 in 2020.
Recognition
Wat has repeatedly earned distinction in prominent business rankings, such as:
- Inclusion in Forbes World's 100 Most Powerful Women for the years 2021, 2022, and 2023;
- Placement on Fortune Magazine’s Most Powerful Women roster;
- Recognition among Forbes China’s Top 100 Businesswomen spanning 2019 through 2023;
- Featured on Fortune China’s Most Powerful Women in Business list from 2018 to 2023;
- Listed among Fortune China's 50 Most Influential Business Leaders between 2018 and 2023; and
- Named in Business Insider’s 100 People Transforming Business in Asia for the year 2020.
These accolades highlight her prominent role and leadership impact within both the international and Chinese commercial sectors.