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.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160427005844/en/
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160427005844/en/
Yum! Brands, Inc.Analysts:Steve Schmitt, 888-298-6986Vice
President, Investor Relations & Corporate StrategyorElizabeth
Grenfell, 888-298-6986Director, Investor RelationsorMedia:Virginia
Ferguson, 502-874-8200Director, Public Relations
Yum Brands (NYSE:YUM)
Historical Stock Chart
From Feb 2024 to Mar 2024
Yum Brands (NYSE:YUM)
Historical Stock Chart
From Mar 2023 to Mar 2024