Yum! Brands Announces Changes to Board of Directors
February 16 2017 - 5:44PM
Business Wire
Yum! Brands (NYSE: YUM) today announced that Keith A. Meister,
Managing Partner of Corvex Management LP, has elected to step down
from its Board of Directors, effective immediately.
Mr. Meister commented, “Serving on the YUM Board has been a
tremendous experience. With the China spin‐off successfully
executed, and YUM’s capital structure, management team and
transformation plans in place, the company is set up for great
success. I hold this management team in the highest regard, and
believe that under Greg Creed's impressive leadership the company
is well on its way to achieving its long-term goals. Yum! Brands
has been and will continue to remain one of my firm’s largest
holdings, as we see iconic brands, an improving business model and
significant free cash flow growth with a high degree of visibility.
I want to thank David Novak, Bob Walter, Greg Creed, and the entire
YUM Board for giving me the opportunity to serve.”
“Keith has been an invaluable member of the Board as we have
undergone a dramatic transformation. His fresh perspectives and his
focus on shareholder value were instrumental in helping to develop
the company’s current structure and multi‐year growth plan. We look
forward to delivering on these commitments as we continue to evolve
as the food industry’s leading, focused, global franchisor,” said
Bob Walter, Non-Executive Chairman, Yum! Brands.
Yum! Brands’ CEO and member of the Board of Directors, Greg
Creed said, “On behalf of everyone at Yum! Brands, I would like to
thank Keith for his contributions. We formed a collaborative
partnership and were thrilled to see our joint vision for the
future of YUM put into place. With the support of Keith, YUM
accomplished the successful separation of our China business and
established a roadmap for becoming a one-of-a-kind global
franchisor with a uniquely powerful and predictable free cash flow
growth profile.”
2016 was a landmark year for Yum! Brands as it successfully
completed the separation of Yum China as an independent and
powerful growth company. In addition, Yum! Brands launched a new
multi-year strategic transformation plan to become a more focused,
more franchised and more efficient company in order to strengthen
and grow its KFC, Pizza Hut and Taco Bell brands around the
world.
Yum! Brands, Inc., based in Louisville, Kentucky, has over
43,500 restaurants in more than 135 countries and territories 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 international retail development.
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version on businesswire.com: http://www.businesswire.com/news/home/20170216006369/en/
Analysts are invited to contact:Keith Siegner, 888-298-6986Vice
President, Investor Relations, Corporate Strategy and
TreasurerorElizabeth Grenfell, 888-298-6986Director, Investor
RelationsorMembers of the media are invited to contact:Virginia
Ferguson, 502-874-8200Director, Public Relations
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