Pizza Hut parent Yum Brands board approves new up to $2 billion share buyback

Yum Brands Inc. YUM, +1.86% said Monday its board has approved a share buyback program of up to $2 billion to be valid through June 30 of 2024. The operator of KFC, Taco Bell and Pizza Hut restaurants, said the authorization will take effect once its current program has been exhausted. The company still has $236 million available as of Sept. 12. Shares were up 2.5% premarket, but have fallen 16% in the year to date, while the S&P 500 SPX, +1.04% has fallen 15%.