His departure comes after he finalised the plans for Pizza Hut's re-brand following the appointment earlier this year of Abbott Mead Vickers BBDO to its £13m advertising account following a four-way pitch.
Wood joined Pizza Hut in July 2006, replacing Martin Pugh, having held various senior marketing and sales roles, including jobs at Procter & Gamble, Diageo and Burger King.
Alasdair Murdoch, CEO of Pizza Hut UK, said: "Hugh has made a significant contribution to the business over the past two years. He has been responsible for building a strong marketing team, improving our focus on the consumer and delivering major improvements within our advertising.
"Both I and the marketing team wish him the best of luck for the future."
Wood said: "Over the past two years, I've been involved in some exciting projects at Pizza Hut, such as the launch of the online ordering service, the introduction of a new creative agency and the development of some great new products.
"It is with regret that I resign as chief marketing officer, but I depart having signed off the final plans for the re-branding of Pizza Hut. I will remain in the business to oversee its execution before moving on to my next challenge."