LOUISVILLE, Ky. (Feb. 17, 2017) — Keith A. Meister, managing partner of Corvex Management LP, has stepped down from the Yum! Brands board of directors, effective immediately.
“Serving on the YUM Board has been a tremendous experience,” Meister said. “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.”
Yum! Brands, Inc., based in Louisville, has more than 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.