-
China and India Divisions as well as Corporate Staff Functions
Continue to Report to Chairman and CEO Novak
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U.S. and International Divisions, Finance and Operations Excellence
Will Now Report to Carucci
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All Corporate Finance Functions and Information Technology Will Now
Report to Grismer
LOUISVILLE, Ky.--(BUSINESS WIRE)--
Yum! Brands, Inc. (NYSE: YUM) today announced the promotion of Rick
Carucci, 54, to President of the Corporation, reporting to Chairman and
Chief Executive Officer, David C. Novak. Carucci has served as the
Company’s Chief Financial Officer since 2005. Reporting to Carucci will
be the leaders of Taco Bell, KFC and Pizza Hut in the U.S., Yum!
Restaurants International (YRI) and Corporate Finance. Continuing to
report to Novak are the CEOs of China, the Company’s largest, highest
growth and most profitable division, and India, a newly formed division
designed to capitalize on future growth, as well as the YUM corporate
functional leaders. The Company also announced the promotion of Patrick
Grismer, 50, to Chief Financial Officer, reporting to Carucci. Grismer
has previously served as the Company’s Chief Planning and Control
Officer.
“Rick Carucci is an extraordinarily talented executive. He is a
strategic thought leader, has great commercial savvy and at the same
time, has clearly established himself as a champion of our powerful
recognition culture,” said Mr. Novak. “Along with Sam Su, Chairman and
CEO of YUM China, Rick is an instrumental partner to me running YUM. Sam
Su and I have committed to the YUM Board of Directors that we will
continue to be actively involved in the leadership of our Company in the
coming years. With Rick Carucci’s promotion, we have created a
management triumvirate to best leverage scale and capitalize on our
aggressive growth opportunities in emerging markets including China,
India, Russia, Africa, France and Germany. These opportunities simply
did not exist when we started our Company fifteen years ago,” Novak
added. Carucci is a 16 year veteran of the restaurant industry,
including senior general management, financial and development roles for
Yum! Restaurants International. Before becoming the Company’s CFO in
2005, Carucci served as CFO and head of Development of its International
Division. Over the course of his restaurant career, he has had general
management responsibility for the Company’s businesses in Canada,
Brazil, Puerto Rico, Korea, the Middle East, and North Africa. He is
widely credited for the Company’s successful financial and IT
strategies, and for increasing its presence internationally, especially
in emerging markets.
“At the same time, I’m pleased to announce the promotion of Pat Grismer
to become our Chief Financial Officer. Pat has worked closely over the
years with Rick Carucci and me and has held a number of senior finance
roles that have fully prepared him to become the Corporation’s Chief
Financial Officer. We expect a seamless transition,” Novak said. Grismer
is a ten-year veteran of the Company, with most immediate responsibility
for corporate strategy, planning and control. He previously served in a
series of domestic and international finance positions, including Chief
Financial Officer of YRI, Corporate Vice President of Strategy and
Investor Relations, Chief Financial Officer of Pizza Hut (UK), Vice
President of Planning at YRI, and Senior Director of Finance at Taco
Bell. Prior to joining the Company, he spent ten years at The Walt
Disney Company in a series of finance executive positions, including
Vice President of Strategic Planning and New Business Development for
The Disneyland Resort. He also served as a senior consultant at Price
Waterhouse.
Yum! Brands, Inc., based in Louisville, Kentucky, is the world’s largest
restaurant company in terms of system restaurants, with more than 37,000
restaurants operating in 125 countries. KFC, Pizza Hut and Taco Bell are
the category leaders of the chicken, pizza and Mexican-style food,
respectively. In 2011, the Company added 1,561 new restaurants,
primarily in emerging markets, and generated 14% EPS growth, the 10th
consecutive year it achieved at least 13% EPS growth.
Yum! Brands, Inc.
Analysts:
Tim Jerzyk, 888-298-6986
Senior
Vice President Investor Relations
or
Steve Schmitt,
888-298-6986
Director Investor Relations
or
Media:
Amy
Sherwood, 502-874-8200
Vice President Public Relations
Source: Yum! Brands, Inc.