By John Kell
Total pay for Yum Brands Inc. Chairman and Chief Executive David
Novak slid 29% to $10 million in 2013, as the company said his
overall performance for the year was below target.
In a filing with the Securities and Exchange Commission, Yum
said its 2013 financial results were also "below target," resulting
in Mr. Novak receiving 41% of his target bonus.
The restaurant company has been trying to recover from
food-safety concerns in China--the company's biggest
market--related to KFC chicken suppliers more than a year ago. In
November, Yum began an advertising and social-media campaign to
assure people that its food is safe, and late last year promised
major new initiatives to improve its KFC brand in China during
2014.
Total pay for Sam Su, the head of Yum's business in China, was
$10.3 million in 2013, down 38% from a year earlier. Mr. Su's
performance was also "below target," as Yum said the China division
didn't achieve operating profit or system sales growth targets.
But Yum praised productivity improvement and new store openings
that it believes will boost future performance. Mr. Su's
performance resulted in him receiving 49% of his target bonus.
Write to John Kell at john.kell@wsj.com
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