India’s Pizza Hut and KFC operator names new CEO

Leadership Change - Devyani International (DIL) has appointed Manish Dawar as the new CEO and president, effective from 1 April 2026, succeeding Viraj Joshi who will remain as a non-executive director [1][2] - The board believes that this leadership transition is crucial for DIL's next phase, which requires a bold strategic vision and strong execution capability [2] Financial Performance - DIL reported a consolidated net loss of Rs103.9 million ($1.15 million) for Q3 FY26, compared to a loss of Rs4.9 million in the same period a year earlier [3] - Excluding a one-time charge related to India's new labor laws, DIL posted a profit of Rs659.8 million ($7.31 million) for the December quarter [3] Merger Agreement - DIL has entered a merger agreement with Sapphire Foods, which will combine two Yum! Brands franchise operators in India, creating one of the largest quick-service restaurant groups in the country [3][4] - The merger is expected to take approximately 12 to 15 months to become effective [4]