David C. Novak Announces He Will Transition from YUM Chairman/CEO to
Executive Chairman
Greg Creed Will Become YUM Brands Chief Executive Officer and Join
Board of Directors
Office of Chairman Will Be Formed With Novak, Sam Su, Creed
LOUISVILLE, Ky.--(BUSINESS WIRE)--
Yum! Brands, Inc. (NYSE:YUM) announced today that its Chairman and Chief
Executive Officer, David C. Novak, 61, will become Executive Chairman on
January 1, 2015, transitioning from his current role. Novak has served
as CEO since 1999, building a global restaurant powerhouse with over
40,000 restaurants in 125 countries.
Once he becomes Executive Chairman, Novak is forming the Office of the
Chairman. In addition to Novak, it will be comprised of Sam Su, 62, who
will continue to serve as YUM Brands Vice-Chairman and Chairman/CEO of
the YUM China Division; and Greg Creed, 56, who will become the next CEO
of YUM Brands and will join Novak and Su on the Company’s Board of
Directors on January 1, 2015. “This new Office of the Chairman will
partner as a triumvirate on overall corporate strategy and leadership
development to propel continued growth,” said Novak.
The day-to-day accountability for leading the Company will be
transitioned to Mr. Creed on January 1, 2015. Until then, he will
continue to serve in his current role as CEO of Taco Bell and work with
Mr. Novak to develop the Company’s 2015 operating plan and to ensure a
seamless transition. Once becoming YUM Brands CEO, he will lead the
overarching strategies, structure, people development and culture that
will drive sales and profitability at all of the Company’s businesses
worldwide. All YUM functional leaders and divisions will report to
Creed, a 20 year veteran with the Company.
“Greg Creed is the ideal leader to become our next CEO. First and
foremost, he walks the talk of our culture and is determined to take it
to the next level. Next, he is a visionary business leader with a proven
track record of results. He made Taco Bell an industry leader, elevating
the brand’s esteem and establishing top-tier customer service levels. He
is a breakthrough thinker, creating new day parts such as FourthMeal and
breakfast, as well as major product lines, such as Doritos Locos Tacos
and Cantina Bell. Last but not least, he has a passion for our global
business, rooted with international positions at Unilever and at KFC and
Pizza Hut in Australia and New Zealand. He is a well-rounded executive
having previously served as YUM Brands Chief Operations Officer. There
is no doubt in my mind he is fully qualified and equipped with the
positive energy we need to lead the Company to the next level,” Novak
said.
“As Executive Chairman, I will lead the Board of Directors and focus on
mentoring Greg as our new CEO. Our late founding Chairman, Andy Pearson,
did the same for me when I was appointed CEO in 1999, and I found his
experience and counsel to be enormously beneficial to me and to the
Company. I will spend my time supporting Greg on corporate strategy,
innovative business and brand building ideas and leadership development.
Sam Su, who has arguably built the best restaurant business anywhere in
the world, is passionate about living in China and taking our brands to
even further heights in the years ahead. He will continue to build
leading brands in China and share best practices with other emerging
market general managers system-wide. Greg, Sam and I look forward to
partnering together in the coming years to continue to build the
defining global company that feeds the world,” Novak said.
Tom Ryan, 61, who is the Company’s Lead Independent Director said,
“David Novak is appropriately recognized as one of the world’s leading
CEOs. Since becoming CEO in 1999, he has increased the Company’s market
cap from $6 billion to $34 billion. Most importantly, the growth
platforms are in place to drive future growth. The Board is confident
the Company will be well-served as he becomes Executive Chairman of the
Board in 2015. We're equally confident Greg Creed will make an
outstanding successor to David as CEO. With David, Greg and Sam in the
Office of the Chairman, we are fortunate to have three tremendous
leaders sharing experiences and know-how to satisfy our customers and
benefit our shareholders.”
Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000
restaurants in more than 125 countries and territories. Yum! is ranked
#201 on the Fortune 500 List with revenues of over $13 billion and in
2014 was named among the top 100 Corporate Citizens by Corporate
Responsibility Magazine. The Company's restaurant brands - KFC, Pizza
Hut and Taco Bell - are the global leaders of the chicken, pizza and
Mexican-style food categories. Outside the United States, the Yum!
Brands system opened over five new restaurants per day, making it a
leader in international retail development.
Yum! Brands, Inc.
Virginia Ferguson, 502-874-8200
Source: Yum! Brands, Inc.