Devyani International Limited, the master franchisee for KFC and Pizza Hut in India, has elevated Manish Dawar from CFO to Chief Executive Officer, effective April 1. The leadership move comes at a critical juncture as the company navigates quarterly losses alongside a proposed $934 million merger with Sapphire Foods, signalling a phase of consolidation and operational recalibration.Dawar’s elevation reflects the board’s preference for financial discipline and internal continuity. As CFO, he played a key role in capital allocation, cost optimisation, and balance sheet management capabilities that are increasingly vital as quick-service restaurant operators face margin pressure, inflationary inputs, and shifting consumer demand.As part of the transition, Viraj Joshi will continue as a Non-Executive Director, ensuring strategic oversight, while Anupam Kumar steps in as CFO, reinforcing financial leadership at the executive level. Together, the reshuffle aims to balance execution rigor with governance stability.Strategically, the timing of the appointment is significant. The potential merger with Sapphire Foods could reshape the QSR landscape in India, offering scale benefits, operational synergies, and stronger bargaining power. However, it also demands tight integration, disciplined execution, and clarity on profitability timelines.
For Devyani International, Dawar’s appointment signals a shift toward financially grounded leadership, focused on restoring performance while steering the business through structural change. In a sector where growth alone is no longer enough, unit economics, efficiency, and long-term sustainability are now the defining success metrics.
