Non-Executive Chairman Will Be Announced At Annual Shareholder Meeting
LOUISVILLE, Ky.--(BUSINESS WIRE)--
Yum! Brands, Inc. (NYSE: YUM) announced today that David C. Novak, 63,
Executive Chairman, plans to retire in May 2016 following the Company’s
annual shareholder meeting and step down from the Company’s Board at
that time. The Board plans to appoint a Non-Executive Chairman from
among its Directors to succeed Mr. Novak and will announce that
appointment at the Company's annual shareholder meeting.
Mr. Novak was appointed Chief Executive Officer of Yum! in 1999 and has
served as Chairman of Yum! Brands since 2000. He transitioned to
Executive Chairman on January 1, 2015, when he was succeeded as CEO by
Greg Creed.
“I feel deeply privileged to have served over the years as Yum! Brands
Chairman and CEO,” said Mr. Novak. “As we target the separation of our
China business by the end of 2016 and transition to two powerful,
independent companies, it is a perfect time for me to complete my
retirement. The two new companies will be led by strong, highly capable
leaders, Greg Creed at YUM and Micky Pant at YUM China. I am completely
confident both of them will take their businesses to the next level and
I look forward to cheering them on and supporting them after my
retirement. I truly believe these two companies present enormous growth
potential in the years to come. Therefore, I plan to remain a
shareholder of both companies and couldn't be more enthusiastic about
these investments.”
“David Novak is a visionary leader who built Yum! Brands into a global
powerhouse and one of the world’s largest restaurant companies. He is
renowned for creating a recognition culture that rewards for
performance, and for coaching and mentoring thousands of executives on
leadership skills. During his tenure, the Company expanded its vast
footprint in new emerging markets, became the category leader in China,
delivered a high return on invested capital and saw its market
capitalization grow from $4.6 billion to approximately $31 billion.
Shareholders have been well-rewarded over this time thanks to David’s
outstanding leadership," said Greg Creed, Chief Executive Officer, Yum!
Brands, Inc. "On behalf of the Board, all of our employees and
franchisees, I sincerely thank David for his many significant
contributions to the Company, and for being such an incredible mentor,
coach and friend. Thanks to his leadership and transition planning, we
are extremely well-positioned as we work toward completing the
separation of the China business and continue to create significant
value for shareholders,” Creed added.
About David C. Novak
Mr. Novak began his career at PepsiCo in 1986 as Chief Marketing Officer
for the Pizza Hut division. He went on to become Executive Vice
President of Marketing and Sales for Pepsi-Cola, and then its Chief
Operating Officer. He next became CEO of KFC US, and later CEO of both
KFC and Pizza Hut US. In 1997, PepsiCo spun off KFC, Pizza Hut and Taco
Bell and Mr. Novak became Vice Chairman and President of the new
company, Yum! Brands (then known as Tricon Global). He was promoted to
CEO in 1999, and Chairman in 2000. He became Executive Chairman on
January 1, 2015. Upon retirement from the Board, he will become
“Founder, Retired Chairman and CEO.”
Mr. Novak has been recognized as “2012 CEO of the Year” by Chief
Executive magazine, one of the world’s “30 Best CEOs” by Barron’s,
one of the “Top People in Business” by FORTUNE and one of the
“100 Best-Performing CEOs in the World” by Harvard Business Review.
He received the 2015 Horatio Alger Award for his lifetime achievements,
and is the bestselling author of “Taking People With You: The Only Way
to Make BIG Things Happen” (January 2012) along with an autobiography,
“The Education of an Accidental CEO: Lessons Learned from the Trailer
Park to the Corner Office." His family foundation, Lift-A-Life, supports
many non-profits, including the establishment of The Wendy Novak
Juvenile Diabetes Center in Louisville, Kentucky, and Lead2Feed, which
provides leadership and community service training for thousands of
middle and high school students.
About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 41,000
restaurants in more than 125 countries and territories. Yum! is ranked
#228 on the Fortune 500 List with revenues of over $13 billion in 2014
and is one of the Aon Hewitt Top Companies for Leaders in North America.
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 opens over five new
restaurants per day on average, making it a leader in international
retail development.
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Yum! Brands, Inc.
Virginia Ferguson, 502-874-8200
Source: Yum! Brands, Inc.