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Yum China Holdings Executive Compensation (FY25)

YUMC · Plano, TX · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Joey Wat
Latest say-on-pay support
=
May 28, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 4, 2026Latest filing (8-K): May 28, 2026
12 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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320 figures on this page: 312 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Joey Wat: $14,222,077 → $19,591,868 (37.8% higher)
Say-on-pay support: 91.7% → 90.9% (0.8 points lower)
CEO pay ratio: 1,770:1 → 2,266:1 (28.0% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Yum China Holdings' chief executive and what were they paid?
Joey Wat, Chief Executive Officer, received $19,591,868 in total compensation for fiscal 2025. Compared with the $14,222,077 reported for fiscal 2024, Wat's total was 37.8% higher.
What was Yum China Holdings' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 90.9% of votes cast including abstentions in favor at the meeting held May 28, 2026.
Which companies are in Yum China Holdings' peer group?
The disclosed peer group includes Aramark Corporation, Chipotle Mexican Grill, Inc., Compass Group PLC, Conagra Brands, Inc. and Darden Restaurants, Inc., among others.
What is Yum China Holdings' chief executive pay ratio?
The company reported a chief executive pay ratio of 2,266:1 for fiscal 2025, against median employee compensation of $8,645.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joey Wat
Chief Executive Officer Chief Executive Officer
◇—◇◇◇—◇◇
Andy Yeung
Former Chief Financial Officer Former Chief Financial Officer
Departed during or after this year
◇—◇◇◇—◇◇
Johnson Huang
Former Chief Customer Officer
◇—◇◇◇—◇◇
Joseph Chan
Former Chief Legal Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joey Wat
Chief Executive Officer Chief Executive Officer
◇—◇—◇—◇◇
Andy Yeung
Former Chief Financial Officer Former Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
Johnson Huang
Former Chief Customer Officer
Departed during or after this year
◇—◇—◇—◇◇
Warton Wang
General Manager, KFC and Chief Development Officer
◇—◇—◇—◇◇
Joseph Chan
Former Chief Legal Officer
Departed during or after this year
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joey Wat
Chief Executive Officer
◇—◇—◇—◇◇
Andy Yeung
Former Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
Warton Wang
General Manager, KFC
◇—◇—◇—◇◇
Jeff Kuai
General Manager, Pizza Hut
◇—◇—◇—◇◇
Adrian Ding
Chief Financial Officer
◇—◇—◇—◇◇
Leila Zhang
Chief Technology Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Joey Wat
Chief Executive Officer
◇—◇—◇—◇◇
Warton Wang
General Manager, KFC
◇—◇—◇—◇◇
Adrian Ding
Chief Financial Officer
◇—◇—◇—◇◇
Jeff Kuai
General Manager, Pizza Hut
◇—◇—◇—◇◇
Duoduo (Howard) Huang
Chief Supply Chain Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Adrian DingRSU◇——◇——◇
Adrian DingPSU◇◇◇—◇—◇
Adrian DingRSU◇——◇——◇
Duoduo (Howard) HuangRSU◇——◇——◇
Duoduo (Howard) HuangPSU◇◇◇—◇—◇
Jeff KuaiRSU◇——◇——◇
Jeff KuaiPSU◇◇◇—◇—◇
Joey WatRSU◇——◇——◇
Joey WatPSU◇◇◇—◇—◇
Warton WangPSU◇◇◇—◇—◇
Warton WangRSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Joey WatPSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Option◇—◇February 10, 2032
RSU◇◇——
RSU◇◇——
Warton WangPSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇February 10, 2032
RSU◇◇——
Jeff KuaiPSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Option◇—◇February 10, 2032
RSU◇◇——
RSU◇◇——
RSU◇◇——
Adrian DingPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Option◇—◇February 10, 2032
RSU◇◇——
RSU◇◇——
RSU◇◇——
Duoduo (Howard) HuangPSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇February 10, 2032
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Adrian Ding
Chief Financial Officer · Change-in-control agreement
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Clawback◇
Jeff Kuai
General Manager, Pizza Hut · Change-in-control agreement
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Clawback◇
Joey Wat
Chief Executive Officer · Change-in-control agreement
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Clawback◇
Warton Wang
General Manager, KFC · Change-in-control agreement
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Fred Hu
Board chair
—◇————◇
Mikel A. Durham
◇◇————◇
Grace Xin Ge
◇◇————◇
Zili Shao
◇◇————◇
Min (Jenny) Zhang
◇◇————◇
Edouard Ettedgui
—◇————◇
David Hoffmann
—◇————◇
Ruby Lu
—◇————◇
William Wang
—◇————◇
Robert B. Aiken
◇◇————◇
Christina Xiaojing Zhu
◇◇————◇
Zhe (David) Wei
◇◇————◇
Peter A. Bassi
—————◇◇
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Common Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
  • Aramark Corporation ARMK
  • Chipotle Mexican Grill, Inc. CMG
  • Compass Group PLC COMP
  • Conagra Brands, Inc. CAG
  • Darden Restaurants, Inc. DRI
  • Domino s Pizza, Inc. DPZ
  • Doordash, Inc. DASH
  • Expedia Group, Inc. EXPE
  • General Mills, Inc. GIS
  • Hilton Worldwide Holdings Inc. HLT
  • Kellogg Company symbol not shown
  • Marriott International, Inc. MAR
  • McCormick Company, Incorporated MKC
  • McDonald s Corporation MCD
  • Restaurant Brands International Inc. QSR
  • Starbucks Corporation SBUX
  • The Hershey Company HSY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 28, 2026=◇◇◇
2024May 23, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 25, 2023=◇◇◇
2020May 28, 2021=◇◇◇
2019May 8, 2020=◇◇◇
2018May 10, 2019=◇◇◇
2017May 11, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Joey Wat (Chief Executive Officer), FY2025 total compensation $19,591,868 (base salary $1,425,000) [exec_comp, SEC accession 0001193125-26-157856, filed 2026-04-16]

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What this page does not include

Everything above is a fact Yum China Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Yum China Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
320 figures on this page: 312 cited to the filing that reported them, 8 calculated from figures it prints.
312 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001193125-26-242942
    Proposal 3: An advisory vote to approve the Company’s named executive officer compensation: For Against Abstain Broker Non-Votes
  2. 0001193125-26-157856
    2025 DIRECTOR COMPENSATION · Executive Compensation Tables · Grants of Plan-Based Awards · Pay Ratio Disclosure
  3. 0000950170-25-077031
    Proposal 3: An advisory vote to approve the Company’s named executive officer compensation: For Against Abstain Broker Non-Votes
  4. 0001193125-25-078423
    Executive Compensation Tables
  5. 0000950170-24-064015
  6. 0001193125-24-092259
    Executive Compensation Tables
  7. 0000950170-23-024621
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001564590-21-031270
  9. 0001564590-20-023799
  10. 0001193125-19-260334
    Employment Agreement
  11. 0001564590-19-018959
  12. 0001564590-18-013516
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Velarion, “Yum China Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/YUMC (accessed 2026).
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12 filings cited on this page
Method: intel.velarion.ai/methodology
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Peers Yum China Holdings discloses

The companies named in YUMC's own disclosed peer group.

Aramark CorporationChipotle Mexican Grill, Inc.Compass Group PLCConagra Brands, Inc.Darden Restaurants, Inc.Domino s Pizza, Inc.Doordash, Inc.Expedia Group, Inc.General Mills, Inc.Hilton Worldwide Holdings Inc.Marriott International, Inc.McCormick Company, IncorporatedMcDonald s CorporationRestaurant Brands International Inc.Starbucks CorporationThe Hershey Company

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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