Hotline: 1800 102 2007
X
Search Business Opportunities
Jan, 06 2016

Yum Chairman David C. Novak to retire in may

Mr. 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.rn

Yum! Brands, Inc. announced that David C. Novak, 63, Executive Chairman, plans to retire in May 2016 following the Company’s annual shareholder meeting and step down from the Company’s Board at that time. The Board plans to appoint a Non-Executive Chairman from among its Directors to succeed Mr. Novak and will announce that appointment at the Company's annual shareholder meeting.

Mr. 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,” said Mr. Novak.

He further 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.”

“David Novak is a visionary leader who built Yum! Brands into a global powerhouse and one of the world’s largest restaurant companies. He is renowned for creating a recognition culture that rewards for performance, and for coaching and mentoring thousands of executives on leadership skills. During his tenure, the Company expanded its vast footprint in new emerging markets, became the category leader in China, delivered a high return on invested capital and saw its market capitalization grow from $4.6 billion to approximately $31 billion. Shareholders have been well-rewarded over this time thanks to David’s outstanding leadership," said Greg Creed, Chief Executive Officer, Yum! Brands, Inc. "On behalf of the Board, all of our employees and franchisees, I sincerely thank David for his many significant contributions to the Company, and for being such an incredible mentor, coach and friend. Thanks to his leadership and transition planning, we are extremely well-positioned as we work toward completing the separation of the China business and continue to create significant value for shareholders,” Creed added.

Comment
image
Related opportunities
  • Quick Service Restaurants
    About Us:  Gol Gappa Street is an upcoming chain of India's..
    Locations looking for expansion Gujarat
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 700
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Ahmedabad Gujarat
  • Chocolate Stores
    About Us: Choco Wanka does handcrafted made chocolates with as many..
    Locations looking for expansion Karnataka
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 2lac - 5lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bengaluru Karnataka
  • About Us: Mandalas Impresa - A vision of understanding the culinary..
    Locations looking for expansion Maharashtra
    Establishment year 2016
    Franchising Launch Date 2016
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Casual dine Restaurants
    About: Gola Sizzlers is a well established authentic chain of restaurants..
    Locations looking for expansion Delhi
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 50lac - 1 Cr.
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities