The Yum Model

Yum China’s operations have taken on a life and direction of their own.
*Credit: Qilai Shen/Bloomberg via Getty Images*

Listen to SupChina editor-at-large and Sinica podcast host Kaiser Kuo read this article. In October 2015, Greg Creed had his back against a wall. The bespectacled Aussie was chief executive of Yum Brands, the U.S. fast food restaurant giant, and the company’s sluggish growth had turned its quarterly earnings call into something close to a day of reckoning. Earnings for the previous quarter and projections for the rest of the year were well below analyst expectations and quarterly sales

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