KFC names new CFO amid push to boost sales

Dive Brief:

KFC Global tapped Pizza Hut veteran Alex Barsk to become its new finance chief, the fried-chicken chain said Wednesday.
The appointment becomes effective June 1, according to a press release. Barsk joins KFC from sister brand Pizza Hut, where she most recently served as global CFO. Both companies are subsidiaries of Yum Brands, which operates more than 55,000 restaurants in over 155 countries and territories.
“In this role, Alex will be responsible for leading KFC’s global finance function, ensuring continued growth and profitability for the KFC business,” the company said in the release.

Dive Insight:

Barsk is taking on the CFO role from Lanchi Venator, who was named KFC’s CFO in January 2023. Venator’s LinkedIn profile indicates that she left the company for a “career break” as of this month. A spokesperson for KFC did not immediately respond to a request for comment.

Barsk joined Pizza Hut in 2015 and has held leadership roles across strategy, finance, development and supply chain functions, according to the Wednesday release. “Her leadership has had a positive impact in driving Pizza Hut’s growth agenda,” it said.

Prior to her arrival at Yum, Barsk was an engagement manager at Strategy&, formerly management consulting firm Booz & Company.

The finance leadership change comes as KFC struggles with dwindling traffic and weaker sales.

The fast-food chain announced on Monday that it was offering a new value menu through the end of 2024, as previously reported by CFO Dive sister publication Restaurant Dive. The menu features a $4.99 two-piece chicken meal for one; a variably priced four-piece, two-person chicken meal; and a $20 six-piece chicken family meal.

In February, Yum posted a weaker-than-expected fourth-quarter net income of $463 million, up from $371 million year over year. Pizza Hut’s U.S. sales slid 4% and KFC sales were flat, with both brands’ numbers coming in below analysts’ expectations, according to a CNN Business article. The results highlight broader challenges in the fast-food industry as it tries to win over price-conscious consumers in a dicey economic environment, the publication said.

Fast-food traffic worsened in the fourth quarter, with KFC and Pizza Hut seeing declines of 4.8% and 2.6%, respectively, according to Reuters, which cited data from Placer.ai.