John Brown, Jr, a well-known American entrepreneur who turned KFC from a country fried chicken shop into a global fast food chain giant, passed away.
According to reports, on November 22 local time, Brown’s family issued a statement on Tuesday announcing Brown’s death at the age of 88.
Brown was quite a legend in his life. He was not only a catering tycoon, but also the owner of a famous NBA team. He also served as the governor of Kentucky.
It is reported that Brown and KFC “befriended” in the 1960s. In an event, he met KFC founder Sanders, and the two began to cooperate.
In 1960, KFC had 400 chain stores. In 1963, the revenue of KFC Co., Ltd. reached 300,000 a year.
And in 1964, the 74-year-old Sanders put his own industry,It was sold to an investment group consisting of 29-year-old young lawyer John Brown and 60-year-old capitalist Jack Messer for $2 million.
At that time, the company wanted to give him some shares, but Sanders refused. Considering the influence of Colonel KFC, the company paid a lifetime annual salary of 40,000 US dollars (later increased to 75,000) to KFC for brand advertising.
After Brown became CEO of KFC in 1965, the company entered a period of rapid development. In 1969, KFC was successfully listed. In 1971, Brown sold his stake in KFC for a whopping $284 million.
now,KFC has become the world‘s second largest fast food and largest fried chicken chain enterprise, and has been among the top 100 global brands for many years.