Devyani International Elevates Manish Dawar as CEO
Devyani International, the Indian company that manages popular fast-food chains KFC and Pizza Hut worldwide, has appointed Manish Dawar as its Whole-time Director, President, and Chief Executive Officer, with effect from April 1, 2026.
Dawar, the current Whole-time Director and Chief Financial Officer of the organization, is set to assume the position in the wake of Virag Joshi's retirement, the former President and CEO of Devyani International disclosed.
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Joshi has indicated his intention to relinquish his executive duties and will be retiring as Whole-time Director on March 31, 2026. He will transition to a role as a Non-Executive Director on the board, offering strategic advisory assistance as needed.
Dawar graduated with a Bachelor of Commerce (Honors) from Panjab University in Chandigarh and holds membership in both the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. He possesses a wealth of experience in various industries and regions, gained from his prior employment with prominent organizations such as Hindustan Unilever, Reebok India, Reckitt Benckiser, Vedanta, and Vodafone India.
Dawar, while at Devyani International, spearheaded various important strategic undertakings, such as the purchase of the company's Thailand operations, the acquisition and revitalization of Sky Gate Hospitality - known for its brands Biryani by Kilo and Goila Butter Chicken - and the recent proposition for a merger with Sapphire Foods India.
Jaipuria mentioned that Dawar had exhibited outstanding leadership skills over the last five years, playing a pivotal role in cultivating a culture based on merit and effective execution, as well as spearheading transformative projects.
Dawar expressed his thoughts on the promotion, emphasizing the company's powerful brands, increasing scale, and advancing digital capabilities which primed it to establish a "forward-thinking QSR platform" that provides lasting value to shareholders.
Moreover, he mentioned that the company will unveil its leadership team as the merger moves forward. Following Dawar's selection, Devyani International disclosed various alterations in its top management. Anupam Kumar will take on the role of Chief Financial Officer starting April 1, 2026, succeeding his current position as Executive Vice President–Finance. Neeraj Tiwari has been designated as Chief Technology Officer from February 4, 2026, and Varun Kumar Prabhakar has been assigned the role of General Counsel, taking over from Nalin Kanaujia, who previously held the position of Head of Legal.
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The restructuring of senior management comes in the wake of Shivashish Pandey's decision to step down as CEO of Yum Brands at Devyani International, effective as of February 28, 2026. The appointments have been made as Devyani International progresses with its planned merger with Sapphire Foods India. Revealed on January 1, this merger will unite two of the largest franchise partners of Yum Brands in India during a period when the fast-food industry in the country is facing challenges in growth and profit margins.
As per the proposed share-swap agreement, Devyani International plans to issue 177 shares for each 100 shares held in Sapphire Foods. Both companies have indicated that the merger's integration process, along with the achievement of expected synergies, is projected to span a period of 15 to 18 months starting from the effective date of the merger.
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The $934 million agreement has been sanctioned by Yum Brands, a US-based corporation that owns KFC and Pizza Hut. Yum Brands has also consented to altered business conditions, which involve prolonged waivers associated with the growth of stores.
Devyani International will procure 19 KFC establishments in Hyderabad that are presently managed by Yum India as a component of the transaction. Additionally, it will remit a one-time payment for merger approval and obtain supplementary licensing privileges.