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Yum China Holdings Executive Compensation (FY25)

YUMC · Plano, TX · Executive and director compensation, fiscal 2022 to 2025

The Yum China Holdings brief, $1,500

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Data as of September 7, 2026Latest filing (8-K): May 28, 2026
13 filings cited on this page
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Yum China Holdings brief$1,500Get the executive brief
305 figures on this page: 297 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Joey Wat
Latest say-on-pay support
=
May 28, 2026
Chief executive pay ratio
◇
To the median employee
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)

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.
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
◇—◇◇◇—◇◇
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
◇—◇—◇—◇◇
Warton Wang
General Manager, KFC and Chief Development Officer
◇—◇—◇—◇◇
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) HuangPSU◇◇◇—◇—◇
Duoduo (Howard) HuangRSU◇——◇——◇
Jeff KuaiPSU◇◇◇—◇—◇
Jeff KuaiRSU◇——◇——◇
Joey WatPSU◇◇◇—◇—◇
Joey WatRSU◇——◇——◇
Warton WangPSU◇◇◇—◇—◇
Warton WangRSU◇——◇——◇
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
Ms. WatRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
SAR◇—◇2/10/2032
RSU◇◇——
RSU◇◇——
Mr. HuangRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
SAR◇—◇2/10/2032
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Mr. WangRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
SAR◇—◇2/10/2032
RSU◇◇——
PSU◇◇——
Mr. DingPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
SAR◇—◇2/10/2032
PSU◇◇——
Mr. KuaiRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
SAR◇—◇2/10/2032
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
—◇————◇
Christina Xiaojing Zhu
—◇————◇
Robert B. Aiken
◇◇————◇
Zhe (David) Wei
◇◇————◇
Peter A. Bassi
—————◇◇
Joey Wat served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
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.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

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
◇
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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.
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.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
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.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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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.
305 figures on this page: 297 cited to the filing that reported them, 8 calculated from figures it prints.
297 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001193125-26-242942
  2. 0001193125-26-157856
    2025 DIRECTOR COMPENSATION · 2025 SUMMARY COMPENSATION TABLE · Executive Compensation Tables · Grants of Plan-Based Awards · and 2 more sections
  3. 0000950170-25-077031
  4. 0001193125-25-078423
    2024 SUMMARY COMPENSATION TABLE
  5. 0000950170-24-064015
  6. 0001193125-24-092259
    Summary Compensation Table
  7. 0000950170-23-024621
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-098382
    Summary Compensation Table
  9. 0001564590-21-031270
  10. 0001564590-20-023799
  11. 0001193125-19-260334
    Employment Agreement
  12. 0001564590-19-018959
  13. 0001564590-18-013516
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Yum China Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/YUMC (accessed 2026).
Short form: data: Velarion

The Yum China Holdings brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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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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