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Devyani International, the operator of KFC and Pizza Hut restaurants in India, has announced the appointment of its chief financial officer Manish Dawar as chief executive officer, effective 1 April 2026, alongside reporting a wider consolidated loss for the latest quarter.
The company posted an 11 per cent year-on-year rise in quarterly revenue, driven largely by discounted menu offerings aimed at boosting footfalls. However, higher operating costs and continued pressure across the quick service restaurant (QSR) sector weighed on margins, resulting in a net loss for the period.
Dawar will succeed Virag Joshi, who will transition to the role of non-executive director following the completion of his full-time tenure on 31 March 2026. Anupam Kumar, currently executive vice-president – finance, has been appointed as the new CFO.
As part of a broader leadership reshuffle, Devyani also named Neeraj Tiwari as chief technology officer and Varun Kumar Prabhakar as general counsel, with both appointments effective from 4 February 2026. Shivashish Pandey stepped down from his role as CEO – Yum Brands on 28 February 2026.
The management changes come ahead of the proposed merger between Devyani International and Sapphire Foods, a transaction that would create a combined network of more than 3,000 restaurants.
Dawar joined Devyani in 2021 and has previously held senior roles at Hindustan Unilever and Reebok India. Non-executive chairman Ravi Jaipuria said the leadership transition aligns with the company’s next phase of growth and integration initiatives.
