Louisville, Ky. – Yum! Brands announced that the company’s executive chairman David C. Novak plans to retire in May 2016 following the Company’s annual shareholder meeting and step down from the Company’s Board at that time.
According to a press release, the board plans to appoint a non-executive chairman from among its directors to succeed Novak and will announce that appointment at the Company’s annual shareholder meeting.
Novak was appointed Chief Executive Officer of Yum! in 1999 and has served as Chairman of Yum! Brands since 2000. He transitioned to Executive Chairman on January 1, 2015, when he was succeeded as CEO by Greg Creed.
“I feel deeply privileged to have served over the years as Yum! Brands Chairman and CEO,” Novak said. “As we target the separation of our China business by the end of 2016 and transition to two powerful, independent companies, it is a perfect time for me to complete my retirement.
“The two new companies will be led by strong, highly capable leaders, Greg Creed at YUM and Micky Pant at YUM China. I am completely confident both of them will take their businesses to the next level and I look forward to cheering them on and supporting them after my retirement. I truly believe these two companies present enormous growth potential in the years to come. Therefore, I plan to remain a shareholder of both companies and couldn’t be more enthusiastic about these investments.”
Novak began his career at PepsiCo in 1986 as chief marketing officer for the Pizza Hut division. He went on to become executive vice president of marketing and sales for Pepsi-Cola, and then its COO. He next became CEO of KFC US, and later CEO of both KFC and Pizza Hut US. In 1997, PepsiCo spun off KFC, Pizza Hut and Taco Bell and Novak became vice chairman and president of the new company, Yum! Brands (then known as Tricon Global). Upon retirement from the Board, he will become “Founder, Retired Chairman and CEO.”
Yum! Brands, Inc., based in Louisville, Kentucky, has over 41,000 restaurants in more than 125 countries and territories.
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