Leading Restaurant Analyst Joins YUM After Two Decades on Wall Street
LOUISVILLE, Ky.--(BUSINESS WIRE)--
Yum! Brands, Inc. (NYSE: YUM) today announced that Keith Siegner, 41,
will join the Company as Vice President, Investor Relations and
Corporate Strategy, reporting to President and Chief Financial Officer,
David Gibbs, effective July 11, 2016. In this role, Siegner will assume
responsibility for the Company’s relationships with the analyst and
investor community. He will also play a key role in shaping YUM’s
long-term growth strategies as the Company moves toward the separation
of its China business by the end of October.
“Keith is an excellent addition to Yum! Brands. He brings to this
important position nearly 20 years of financial expertise and a deep
understanding of the restaurant industry and our Company,” said Gibbs.
“Keith’s insight into franchisee economics and benchmarking to uncover
areas for improvement, coupled with his knowledge of Wall Street, will
enable him to make a meaningful impact on our business and our
interactions with the investment community. This is an exciting time at
YUM as we separate into two powerful, independent companies – Yum!
Brands and Yum! China – with unique investment profiles, capital
structures, and compelling growth potential. We are thrilled to have
someone with Keith’s experience and knowledge join our Company,” Gibbs
added.
Siegner joins YUM from UBS Securities, LLC, where he served as an
Executive Director in securities research, analyzing and publishing
investment advice for restaurant companies with a combined market
capitalization of $300 billion, including YUM. He previously spent over
12 years at Credit Suisse Securities USA, LLC, on teams covering the
environmental services and specialty chemicals sectors before assuming
lead coverage of the restaurant sector in 2007. Earlier in his career,
Siegner worked in the international tax consulting services practice of
Arthur Andersen LLP. He received both bachelor’s and master’s accounting
degrees from Wake Forest University.
“I am thrilled to be joining the world-class YUM team as the Company
moves toward its next chapter. Greg Creed, David Gibbs and the team have
a clear vision to transform YUM for the future by capitalizing on the
extraordinary strength and growth potential of the KFC, Pizza Hut and
Taco Bell brands. After many years following YUM, I cannot wait to play
a role in driving its long-term growth and success,” said Siegner.
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000
restaurants in almost 140 countries and territories. Yum! is ranked #218
on the Fortune 500 List with revenues of over $13 billion in 2015 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.
Worldwide, the Yum! Brands system opens over six new restaurants per day
on average, making it a leader in global retail development.
This announcement may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. We intend all forward-looking
statements to be covered by the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
generally can be identified by the fact that they do not relate strictly
to historical or current facts and by the use of forward-looking words
such as “expect,” “expectation,” “believe,” “anticipate,” “may,”
“could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,”
“likely,” “will,” “should,” “forecast,” “outlook” or similar
terminology. These statements are based on current estimates and
assumptions made by us in light of our experience and perception of
historical trends, current conditions and expected future developments,
as well as other factors that we believe are appropriate and reasonable
under the circumstances, but there can be no assurance that such
estimates and assumptions will prove to be correct. Forward-looking
statements reflect our current expectations, estimates or projections
concerning future results or events, including, without limitation,
statements regarding the intended capital return to shareholders as well
as the related borrowing required to fund such capital return, the
planned separation of the Yum! Brands and Yum! China businesses, the
timing of any such separation, the future earnings and performance as
well as capital structure of Yum! Brands, Inc. or any of its businesses,
including the Yum! Brands and Yum! China businesses on a standalone
basis if the separation is completed. Forward-looking statements are not
guarantees of performance and are inherently subject to known and
unknown risks, uncertainties and assumptions that are difficult to
predict and could cause our actual results to differ materially from
those indicated by those statements. We cannot assure you that any of
our expectations, estimates or projections will be achieved. The
forward-looking statements included in this announcement are only made
as of the date of this announcement and we disclaim any obligation to
publicly update any forward-looking statement to reflect subsequent
events or circumstances. Numerous factors could cause our actual results
and events to differ materially from those expressed or implied by
forward-looking statements, including, without limitation: whether we
are able to return capital to shareholders at the times and in the
amounts currently anticipated, if at all, as well as the corresponding
costs of borrowing to fund such capital return as well as other costs;
whether the separation of the Yum! Brands and Yum! China businesses is
completed, as expected or at all, and the timing of any such separation;
whether the operational and strategic benefits of the separation can be
achieved; whether the costs and expenses of the separation can be
controlled within expectations, including potential tax costs; as well
as other risks. In addition, other risks and uncertainties not presently
known to us or that we currently believe to be immaterial could affect
the accuracy of any such forward-looking statements. All forward-looking
statements should be evaluated with the understanding of their inherent
uncertainty. You should consult our filings with the Securities and
Exchange Commission (including the information set forth under the
captions “Risk Factors” and “Forward-Looking Statements” in our Annual
Report or Form 10-K) for additional detail about factors that could
affect our financial and other results.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160614005808/en/
Yum! Brands, Inc.
Analysts are invited to contact:
Donny Lau,
888-298-6986
Senior Director, Investor Relations & Corporate
Strategy
or
Elizabeth Grenfell, 888-298-6986
Director,
Investor Relations
or
Members of the media are invited to
contact:
Virginia Ferguson, 502-874-8200
Director, Public
Relations
Source: Yum! Brands, Inc.