Yum! Brands Announces CEO Succession Plan
Yum! Brands, Inc. today announced that its Board of Directors has unanimously elected David Gibbs as Chief Executive Officer, effective January 1, 2020, and appointed him to the Company’s Board, effective November 1, 2019. Gibbs, 55, who currently serves as Yum! Brands President and Chief Operating Officer and oversees the global KFC, Pizza Hut and Taco Bell divisions, will succeed Greg Creed, 62, who has announced his decision to retire at the end of 2019 after a successful 25-year career with the company.
Creed has served as Yum! Brands CEO since January 2015. As CEO, Creed successfully executed the 2016 spinoff of Yum China, led Yum! Brands’ transformation to become more focused, franchised and efficient, and helped the Company deliver strong and consistent financial performance to shareholders. Since 2017, Yum! Brands has transformed its business model to over 98 percent franchised, while increasing G&A efficiency and significantly reducing capital expenditures. Before his time as Yum! Brands CEO, Creed led the global Taco Bell Division as its Chief Executive Officer and was responsible for transforming the brand into the iconic and innovative industry leader it is today.
Creed remains CEO through the end of 2019 to ensure a smooth and seamless transition. He will serve as a part-time advisor next year and also remain on the Yum! Brands Board of Directors.
As Yum! Brands CEO, Gibbs will assume responsibility for the Company’s overarching strategies, structure, people development and culture and will focus on driving global growth and sales and profitability at all Yum! franchise businesses worldwide.