LOUISVILLE, Ky.--(BUSINESS WIRE)--
Yum! Brands, Inc. (NYSE: YUM) today announced the promotion of David
Gibbs, 53, to President and Chief Financial Officer, reporting to Chief
Executive Officer, Greg Creed, effective May 2, 2016. Gibbs, a 27-year
veteran of the Company, previously served as Chief Executive Officer of
the global Pizza Hut Division. In his new role, Gibbs will assume global
responsibility for finance, operations, supply chain and information
technology. Today’s announcement concludes the internal and external
search for YUM’s top financial post and ensures a smooth transition of
executive leadership in advance of the Company’s separation into two
publicly traded companies – Yum! Brands and Yum! China – by the end of
this year.
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Yum! Brands, Inc. (NYSE: YUM) today announced the promotion of David Gibbs, 53, to President and Chief Financial Officer, reporting to Chief Executive Officer, Greg Creed, effective May 2, 2016. Gibbs, a 27-year veteran of the Company, previously served as Chief Executive Officer of the global Pizza Hut Division. In his new role, Gibbs will assume global responsibility for finance, operations, supply chain and information technology. (Photo: Business Wire)
“I’m pleased to announce the promotion of David Gibbs to become our
President and Chief Financial Officer. David is an extraordinarily
talented executive with a strong track record of leadership in finance,
global strategy and brand building,” said Creed. “The YUM Board and I
are confident that David’s experience and deep knowledge of our global
business will prove instrumental as we work toward strengthening our
iconic brands while completing the separation of our China business –
creating two powerful, independent, focused growth companies. I would
also like to thank Dave Russell for his strong leadership as interim CFO
and ongoing support during this transformational year. Dave will resume
his role as Vice President, Finance and Corporate Controller for Yum!
Brands,” Creed added.
“I’m looking forward to working with Greg and the YUM executive team to
grow our brands and complete the China separation, which we expect to
generate strong returns for our shareholders over the long term,” said
Gibbs. “We remain committed to our stated goal of 96% of our restaurants
being owned and operated by franchisees by the end of 2017, with
operating margins, capital expenditures and an efficient G&A structure
consistent with a reduced ownership business model. With our flagship
securitization and overall financing launching in the coming weeks and
setting up the Company with an optimized capital structure, we remain on
track to return an incremental $4.4 billion of capital to shareholders
prior to the separation. This is a pivotal and exciting time as we
transform Yum! Brands into two powerful, independent companies with
unique investment profiles, capital structures, and compelling growth
potential,” added Gibbs.
Gibbs has held a variety of roles at YUM and its predecessor companies
since he joined in 1989, including development, real estate, finance,
and engineering positions. He served as CFO of Pizza Hut U.S. from 2005
to 2010 before transitioning to a global role as President and CFO of
Yum! Restaurants International. In that capacity, he led the finance,
information technology, supply chain and development functions for the
Yum! Restaurants International division, had general management
responsibility for several international markets and was responsible for
growing KFC, Pizza Hut and Taco Bell outside the U.S. and China. Gibbs
also served as President of Pizza Hut U.S., overseeing the brand’s more
than 7,000 restaurants across the United States prior to assuming the
role of division CEO. As CEO of the global Pizza Hut Division, Gibbs has
been responsible for driving growth for more than 14,000 restaurants in
over 90 countries, excluding the Yum! China Division.
The global Pizza Hut Division will continue to be led by Milind Pant,
President of Pizza Hut International, and by Artie Starrs, who is being
promoted from General Manager to President of Pizza Hut U.S. effective
May 2. “David’s transition creates a great opportunity for Milind Pant
and Artie Starrs to expand their responsibilities and lead Pizza Hut’s
culture, strategy, growth and performance internationally and in the
U.S.,” said Creed.
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000
restaurants in more than 130 countries and territories. Yum! is ranked
#228 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. Reconciliation of non-GAAP
financial measures to the most directly comparable GAAP measures are
included on our website at www.yum.com/investors.
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Yum! Brands, Inc.
Analysts:
Steve Schmitt, 888-298-6986
Vice
President, Investor Relations & Corporate Strategy
or
Elizabeth
Grenfell, 888-298-6986
Director, Investor Relations
or
Media:
Virginia
Ferguson, 502-874-8200
Director, Public Relations
Source: Yum! Brands, Inc.