Yum! Brands elects Christopher M. Connor to its Board of Directors

Louisville, KY, 2017-May-23 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) announced that Christopher M. Connor was elected to its Board of Directors at the Company’s annual meeting of shareholders today (May 19, 2017).

“Chris’ executive leadership and global retail experience make him a strong addition to the Yum! Brands Board,” said Robert Walter, Non-Executive Chairman of Yum! Brands. “We are thrilled to have Chris join us during this exciting time for Yum! Brands, as we continue to evolve as the restaurant industry’s leading global franchisor.”Greg Creed, Chief Executive Officer of Yum! Brands said, “Chris is a talented and seasoned retail veteran who led Sherwin-Williams for many years. We look forward to the experience and insights he will bring as we execute our multi-year strategy to become a more focused, more franchised and more efficient company with a uniquely powerful and predictable free cash flow growth profile.”

Mr. Connor, 61, served as Executive Chairman of The Sherwin-Williams Company, a global manufacturer of paint, architectural coatings, industrial finishes and associated supplies, until 2016. Mr. Connor held a number of executive positions at Sherwin-Williams beginning in 1983. He served as Chief Executive Officer from 1999 to 2015, Chairman from 2000 to 2015, and served as Executive Chairman during 2016. Mr. Connor is Chairman of the Rock & Roll Hall of Fame in Cleveland and serves on the board of Eaton Corporation plc.

2016 was a landmark year for Yum! Brands as it successfully completed the separation of Yum China as an independent and powerful growth company. In addition, Yum! Brands launched a new multi-year strategic transformation plan to become a more focused, more franchised and more efficient company in order to strengthen and grow its KFC, Pizza Hut and Taco Bell brands around the world.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 43,500 restaurants in more than 135 countries and territories and is one of the Aon Hewitt Top Companies for Leaders in North America. In 2017, Yum! Brands was named among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine. 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.

RELEASE NOTICE

The releases contained on this page may contain dated information. Readers are cautioned that the releases on this page are maintained here solely for the purposes of providing historical background about Yum! Brands, its business and product offerings. As the releases may contain dated information, they should not be relied upon as providing accurate or current information. Yum! Brands disclaims any intention or obligation to update or revise any of the information contained in any of the releases on this page, whether as a result of new information, future events or otherwise.

Contact:

Keith Siegner
Vice President
Investor Relations & Corporate Strategy
(888) 298-6986

Elizabeth Grenfell
Director
Investor Relations
(888) 298-6986

Source: Yum! Brands, Inc.

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Yum! Brands to outline development plans for its iconic global brands KFC, Pizza Hut and Taco Bell

Louisville, KY, 2016-Oct-15 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) will announce today (October 11, 2016) at its annual investor conference in New York City the Company’s strategic transformation plans to drive growth of its KFC, Pizza Hut and Taco Bell brands following the separation of its China business, currently expected to be completed after the close of business on October 31, 2016. Yum! Brands will outline how the Company is sharpening its focus on the development of its three iconic global brands, increasing its franchise ownership and creating a leaner, more efficient cost structure. The Company will also provide an update for returning capital to shareholders.

“Our mission is to build the world’s most loved, trusted and fastest-growing restaurant brands,” said Greg Creed, Chief Executive Officer of Yum! Brands. “The transformation we are announcing today is a significant investment in our future designed to build and strengthen KFC, Pizza Hut and Taco Bell around the world and to create even more long-term value for our shareholders. As a ‘pure play’ franchisor, the transformed Yum! Brands will become more efficient and capital light with an optimized capital structure, improved cash flow and laser-like focus on our key strategies to drive same-store sales and new unit growth worldwide.”

Major features of the Company’s transformation and growth strategy involve being more focused, franchised and efficient.

  • More Focused. Four growth drivers will form the basis of Yum! Brands’ strategic plans and repeatable business model to accelerate same-store sales growth and net-new restaurant development at KFC, Pizza Hut and Taco Bell around the world over the long term. The Company will focus on becoming best-in-class in:
    • Building Distinctive, Relevant Brands, by increasing investment in consumer insights, core product innovation, digital excellence and initiatives that strengthen the quality, convenience and appeal of the customer experience;
    • Developing Unmatched Franchise Operating Capability, by strengthening how we equip and recruit the best restaurant operators to deliver great customer experiences, and build and protect our brands;
    • Driving Bold Restaurant Development through partnerships with growth-minded franchisees who can expand and penetrate markets with modern restaurants, strong economics and value; and
    • Growing Unrivaled Culture and Talent to strengthen the customer experience and franchise success with best-in-class people capability and culture.
  • More Franchised. Partnering with growth-minded franchisees, Yum! Brands will increase franchise restaurant ownership from 77% currently to 93% at the time of the separation of the China business to at least 98% by fiscal year ending 2018, with a focus on equipping and recruiting the best restaurant operators in the world to deliver great customer experiences and drive brand growth.
  • More Efficient. The Company will revamp its financial profile, improving the efficiency of its organization and cost structure globally, by:
    • Reducing annual capital expenditures from ~$500 million (2015 Pro Forma post-separation) to ~$100 million (FYE 2019);
    • Reducing G&A by a cumulative ~$300 million by FYE 2019; and
    • Maintaining optimized capital structure of ~5.0x EBITDA leverage.

Mr. Creed continued, “The separation of our China business provided a once-in-a-lifetime opportunity to review our operating model and consider all possibilities available under our new structure. The transformed Yum! Brands will maintain its geographic diversity with continued, meaningful exposure to the growth potential of the world’s largest consumer market, China, but with greater revenue stability by leveraging our four growth drivers. We will reinforce the distinctiveness of our brands and their relevance to customers, select the highest potential franchisees and help drive their success, expand more profitably in key markets across the globe and bolster training and talent initiatives to foster the culture that will be especially critical as we evolve into a highly franchised growth company.”

Capital Return Program Update
Following through on its previously announced plan to return $6.2 billion of capital to shareholders (excluding dividends) in connection with the separation of its China business, Yum! Brands has repurchased approximately $5.5 billion in shares at an average price of approximately $81, reducing its share count by approximately 16% as of October 10, 2016. The Company is also expanding its plan to return capital to shareholders and now expects to return a total of $13.5 billion (including dividends) between Q4 2015 and 2019.

 Separation of the China Business
After the separation of the China business, Yum China Holdings, Inc. will become a licensee of Yum! Brands in Mainland China. Yum China will have exclusive rights to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China. It will also own the Little Sheep and East Dawning concepts. Yum China has more than 7,300 restaurants and more than 400,000 employees in over 1,100 cities, and generated over $8 billion in system sales in 2015. The standalone company, Yum China, is expected to begin trading “regular way” on the New York Stock Exchange under the symbol “YUMC” on November 1, 2016.

In addition to Mr. Creed and other senior Yum! Brands leaders, the Yum China leadership team will also speak at the investor conference about their growth plans, as described in a release issued separately today.

Today’s presentations can be followed live via webcast beginning at 8:00 a.m. EDT at:
http://edge.media-server.com/m/p/8vmtxvkm.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has more than 43,000 restaurants in almost 140 countries and territories. Yum! Brands is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 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 global retail development.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication contain “forward-looking statements.” Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often include words such as “may,” “will,” “estimate,” “intend,” “seek,” “expect,” “project,” “anticipate,” “believe,” “plan,” “could,” “target,” “predict,” “likely,” “should,” “forecast,” “outlook,” “model,” “ongoing” or other similar terminology. Forward-looking statements are based on our current expectations, estimates, assumptions or projections concerning future results or events, including, without limitation, the planned separation of the Yum! Brands and Yum China businesses, the timing of such separation, the future earnings and performance as well as capital structure of Yum! Brands or any of its businesses, including the Yum! Brands and Yum China businesses on a stand-alone basis if the separation is completed and the intended future plans and expectations for Yum! Brands following the separation of the China businesses as described in this news release. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. Factors that could cause actual results and events to differ materially from our expectations and forward-looking statements are, in addition to those noted above, included in reports filed with the SEC by Yum! Brands from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Form 10-K and 10-Q, as well as in the Form 10 filed with the SEC by Yum China. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

Analysts are invited to contact:
Keith Siegner
Vice President
Investor Relations and Corporate Strategy
888-298-6986

Elizabeth Grenfell
Director
Investor Relations
888-298-6986

Members of the media are invited to contact:
Virginia Ferguson
Director Public Relations
502-874-8200

Source: Yum! Brands, Inc.

Yum! Brands Board of Directors approve separation of its China business, now owned by Yum China Holdings, Inc.

LOUISVILLE, KY, 2016-Sep-30 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) today (September 26, 2016) announced that its Board of Directors has approved the previously announced separation of its China business, now owned by Yum China Holdings, Inc. (Yum China), from Yum! Brands, which is currently expected to occur after the close of business on October 31, 2016. Yum China expects to begin trading “regular way” as an independent company beginning November 1, 2016, on the New York Stock Exchange (NYSE) under the ticker symbol “YUMC.” Yum! Brands expects “when-issued” trading for both Yum! Brands and Yum China to begin on the NYSE on October 17, 2016, under the symbol “YUM WI” for Yum! Brands and “YUMC WI” for Yum China.

Yum! Brands also announced an increase in the Company’s dividend.

“We are moving full steam ahead with the separation of Yum China, establishing two powerful, independent and focused growth companies dedicated to building on our brand strengths and unlocking the full value of each business for our shareholders,” said Greg Creed, Chief Executive Officer of Yum! Brands. “As one of the world’s largest restaurant companies, Yum! Brands will continue to focus on expanding the presence and performance of KFC, Pizza Hut and Taco Bell as a primarily-franchised business to deliver enhanced value to shareholders.”

“This is an exciting time for Yum China as we approach our launch as a new, independent public company,” said Micky Pant, Chief Executive Officer of Yum China. “Yum China has a leading position in the Chinese market, and we see tremendous opportunities to leverage our well-recognized brands and decades of experience to drive growth. We are all energized to achieve Yum China’s full potential and create sustained value for shareholders.”

Returning Capital to Shareholders

The Yum! Brands Board also declared an increased dividend of $0.51 per share, payable on November 4, 2016, to shareholders of record as of the close of business on October 19, 2016. This dividend represents an 11% increase from the Company’s previous quarterly dividend of $0.46 per share. Since initiating a dividend in 2004, Yum! Brands is one of a select group of S&P 500 companies to annually increase its dividend at a double-digit percentage rate.

Since Yum! Brands announced its intention to separate Yum China, the Company has repurchased approximately $5.1 billion in shares at an average price of approximately $80, reducing its share count by approximately 15% as of September 23, 2016. Yum! Brands expects to repurchase an additional $1.1 billion in shares before the end of 2016 to achieve its previously announced plan to return $6.2 billion of capital to shareholders (excluding dividends) in connection with the separation of its China business.

Additional Details on Approval of Yum China Separation

The Yum! Brands Board has approved a distribution of one share of Yum China common stock for each share of Yum! Brands common stock held at the close of business on October 19, 2016, the record date for the distribution. No fractional shares of Yum China common stock will be issued. Instead, the distribution agent will aggregate fractional shares of Yum China common stock and sell the whole shares in the open market. The aggregate net cash proceeds of the sales will be ratably distributed to those shareholders who would otherwise have received fractional shares of Yum China common stock.

Yum! Brands shareholders are not required to take any action to receive the shares of Yum China common stock in the distribution, and they will not be required to surrender or exchange their Yum! Brands shares. Importantly, the number of Yum! Brands shares owned by each shareholder will not change as a result of the distribution.

Yum! Brands intends for the distribution of Yum China common stock to be tax-free for its shareholders, except with respect to any cash received in lieu of fractional shares, and expects to complete the distribution after the close of business on October 31, 2016. The separation and distribution remain subject to the satisfaction or waiver of certain conditions and remains subject to the sole discretion of the Yum! Brands Board.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! Brands is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 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 global retail development.

About Yum China Holdings, Inc.
Yum China Holdings, Inc. will become a licensee of Yum! Brands in Mainland China. It will have exclusive rights in Mainland China to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China. It will also own the Little Sheep and East Dawning concepts outright. The new company will be well positioned for growth thanks to its strong competitive position, integration of its brands into Chinese popular culture and consumers’ daily lives, expanding geographic footprint in China and existing operational expertise. It will have a strong capital position and no external debt and expects to continue growing its system sales and profits by adding new restaurants and through growing same-store sales. Yum China has more than 7,200 restaurants in over 1,100 cities in China and generated over $8 billion in system sales in 2015. The growth of consumption in China is being fueled by a new generation of younger consumers who are digitally sophisticated and brand driven. The additional growth of the middle class and urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China poised to be the market leader.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication contain “forward-looking statements.” Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often include words such as “may,” “will,” “estimate,” “intend,” “seek,” “expect,” “project,” “anticipate,” “believe,” “plan,” “could,” “target,” “predict,” “likely,” “should,” “forecast,” “outlook,” “model,” “ongoing” or other similar terminology. Forward-looking statements are based on our current expectations, estimates, assumptions or projections concerning future results or events, including, without limitation, the planned separation of the Yum! Brands and Yum China businesses, the timing of such separation, the future earnings and performance as well as capital structure of Yum! Brands or any of its businesses, including the Yum! Brands and Yum China businesses on a stand-alone basis if the separation is completed. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. Factors that could cause actual results and events to differ materially from our expectations and forward-looking statements are included in reports filed with the SEC by Yum! Brands from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Form 10-K and 10-Q, as well as in the Form 10 filed with the SEC by Yum China. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

Contacts:
Yum! Brands, Inc.
Investor Relations:
Keith Siegner
888-298-6986
Vice President, Investor Relations and Corporate Strategy

Elizabeth Grenfell
888-298-6986
Director Investor Relations

Media Relations:
Virginia Ferguson
502-874-8200
Director Public Relations

Source: Yum! Brands, Inc.

Yum! Brands, Inc. announces the appointment of Paget Alves to its Board of Directors

Louisville, KY, 2016-Sep-30 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE:YUM) today ( September 26, 2016) announced the appointment of Paget Alves to its Board of Directors, effective November 17, 2016. With Mr. Alves’s appointment, the Yum! Brands Board will consist of 12 directors, 11 of whom will be independent.

“Paget’s extensive executive management and leadership experience, as well as his background in sales, make him a strong addition to the Yum! Brands Board,” said Robert Walter, Non-Executive Chairman of Yum! Brands. “We are thrilled to have Paget join us at this exciting time for the Company, and look forward to benefitting from the insight and expertise he will bring.”

Greg Creed, Chief Executive Officer of Yum! Brands said, “We are excited to appoint a director as qualified and talented as Paget who will bring fresh perspectives to the Board as Yum! Brands begins its next chapter and moves forward following the separation of the China business. I look forward to working with him as we execute on our strategic plans to drive growth across all of our brands and deliver value for our shareholders.”

Mr. Alves, 62, serves on the Boards of Directors of International Game Technology PLC, Ariel Investments LLC and Synchrony Financial. He previously served on the Boards of Directors of GTECH Holdings Corporation and Herman Miller, Inc. He served as Chief Sales Officer of Sprint Corporation, from January 2012 to September 2013, after serving as President of the Business Markets Group since 2009. Prior to that, he held various other positions at Sprint. Before joining Sprint in 2003, he served as President and Chief Executive Officer of PointOne Telecommunications Inc., and President and Chief Operating Officer of Centennial Communications. Mr. Alves earned a Bachelor of Science degree in Industrial and Labor Relations and a Juris Doctor degree from Cornell University.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 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 global retail development.

For Yum! Media Inquiries, please call: 502-874-8200

Source: Yum! Brands, Inc.

Yum! Brands, Inc. announces nine new directors of Yum China Holdings, Inc.

LOUISVILLE, KY and SHANGHAI, 2016-Sep-16 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) today ( September 15, 2016) announced the expected composition of the Board of Directors of Yum China Holdings, Inc. (“Yum China”).

The nine new directors announced today, seven of whom are independent, are expected to serve on the Yum China Board of Directors following the completion of Yum China’s spin-off from Yum! Brands, which is expected to occur after the close of business on October 31, 2016.

As previously announced, Dr. Fred Hu, chairman and founder of Primavera Capital Group, a China-based global investment firm that will make a strategic investment in Yum China, will serve as non-executive chairman of the Yum China Board once the distribution and the Primavera investment are complete. In addition to Dr. Hu, the Board will include:

  • Micky Pant, chief executive officer of Yum China.
  • Peter A. Bassi, former chairman and president of Yum! Restaurants International and current lead director for BJ’s Restaurant and Potbelly Sandwich Works.
  • Christian L. Campbell, owner of Christian L. Campbell Consulting LLC and former senior vice president, general counsel, secretary and chief franchise policy officer of Yum! Brands.
  • Ed Chan Yiu-Cheong, vice chairman of Charoen Pokphand Group Company Limited.
  • Edouard Ettedgui, non-executive chairman of Alliance Française, Hong Kong and non-executive director of Mandarin Oriental International Limited.
  • Louis T. Hsieh, director and senior advisor to the chief executive officer, and former chief financial officer and president of New Oriental Education & Technology Group.
  • Jonathan S. Linen, director for Yum! Brands and Modern Bank N.A., former adviser to the chairman of American Express Company and former vice chairman of American Express Company.
  • Zili Shao, co-chairman of King & Wood Mallesons – China.

Yum China also expects to name one additional independent board member in connection with the spin-off.

“I am honored to lead the Yum China Board alongside such experienced and talented individuals,” said Dr. Hu. “My fellow directors bring proven track records of success in the food, service, finance, legal and other industries in China. We all also understand this market well, and I look forward to working collaboratively to build a strong business and create sustained value for Yum China shareholders.”

Mr. Pant said, “I am confident that this Board has the right mix of experience and knowledge of our industry and the evolving consumer trends in China to drive future success for Yum China. I am excited to have the opportunity to work with my highly-qualified colleagues on the Board as we execute on our strategic plans to drive growth across our brands.”

Greg Creed, chief executive officer of Yum! Brands, said, “We’re pleased to have announced the composition of the Yum China Board of Directors as we near the completion of the separation. We are confident that these business leaders will offer the market insights and strategic vision required to enable Yum China to reach its full potential.”

About the Yum China Board of Directors

Peter A. Bassi served as chairman of Yum! Restaurants International from 2003 to 2005 and its president from 1997 to 2003. Prior to that position, Mr. Bassi spent 25 years in a wide range of financial and general management positions at PepsiCo, Inc., Pepsi-Cola International, Pizza Hut (U.S. and International), Frito-Lay and Taco Bell. Mr. Bassi currently serves as lead director and chair of the nominating and governance committee for each of BJ’s Restaurant and Potbelly Sandwich Works. He has been a member of each board of directors since 2004 and 2009, respectively. In addition, Mr. Bassi serves on the Value Optimization Board for the private equity firm Mekong Capital, based in Vietnam. Mr. Bassi served on the board of The Pep Boys – Manny, Moe & Jack from 2002 to 2009, and served on the board of Amrest Holdings (Poland) from 2012 to 2015.

Christian L. Campbell is currently owner of Christian L. Campbell Consulting LLC, specializing in global corporate governance and compliance. Mr. Campbell previously served as senior vice president, general counsel and secretary of Yum! Brands from its formation in 1997 until his retirement in February 2016. In 2001, Mr. Campbell’s role was expanded to include chief franchise policy officer. In these positions, Mr. Campbell oversaw all legal matters at Yum! Brands and was responsible for the oversight of Yum! Brands purchasing as a director of YUM’s purchasing cooperative with its franchisees. Prior to joining Yum! Brands, Mr. Campbell was a senior vice president and general counsel at Owens Corning, a leading global producer of fiberglass insulation and composite building materials. Prior to Owens Corning, he was vice president and general counsel for Nalco Chemical Company. In addition, Mr. Campbell was a founding director of Restaurant Supply Chain Solutions, Inc. (“RSCS”), a purchasing cooperative for Yum! Brands’ U.S. franchising partners, and he served on RSCS’s Board of Directors from its formation in 2001 until 2015.

Ed Chan Yiu-Cheong is currently a vice chairman of Charoen Pokphand Group Company Limited and has been an executive director and vice chairman of CP Lotus Corporation since April 2012. Mr. Chan was regional director of North Asia of the Dairy Farm Group and a director of Dairy Farm Management Services Limited from November 2001 to November 2006. Mr. Chan was the president and chief executive officer of Walmart China from November 2006 to October 2011. Mr. Chan is also a non-executive director of Treasury Wine Estates Limited, a company listed on the Australian Securities Exchange and an independent non-executive director of Link Real Estate Investment Trust, which is listed on the Stock Exchange of Hong Kong Limited.

Edouard Ettedgui currently serves as the non-executive chairman of Alliance Française, Hong Kong. Mr. Ettedgui also currently serves as a non-executive director of Mandarin Oriental International Limited, the company for which he was the group chief executive from 1998 to 2016. Prior to his time at Mandarin Oriental International, Mr. Ettedgui was the chief financial officer for Dairy Farm International Holdings, and he served in various roles for British American Tobacco, including business development director, group finance controller and group head of finance. Mr. Ettedgui has also held senior finance positions in seven countries at Philips International.

Louis T. Hsieh currently serves as a senior adviser to the chief executive officer and as a director of New Oriental Education & Technology Group. Prior to his current role, Mr. Hsieh served as that company’s chief financial officer from 2005 to 2015 and president from 2008 to 2016. In addition, Mr. Hsieh serves as an independent director, member of the corporate governance committee and chairman of the audit committee for JD.com, Inc., and independent director and chairman of the audit committee for Nord Anglia Education, Inc. Previously, Mr. Hsieh also served as an independent director, member of the corporate governance committee and chairman of the audit committee for Perfect World Co., Ltd. and China Digital TV Holding Co., Ltd.

Fred Hu is chairman and founder of Primavera Capital Group, a China-based global investment firm (“Primavera”). Dr. Hu has served as chairman of Primavera since its inception in 2010. Prior to Primavera, Dr. Hu served in various roles at Goldman Sachs from 1997 to 2010, including serving as chairman of Greater China at Goldman Sachs Group, Inc. From 1991 to 1996, Dr. Hu served as an economist at the International Monetary Fund (IMF) in Washington D.C., where he engaged in macroeconomic research, policy consultations and technical assistance for member country governments including China. Dr. Hu also served as director of the National Center for Economic Research and professor at Tsinghua University. He is the author of several books and of numerous other publications in the areas of economics and finance and on China and Asian economies. Dr. Hu has advised the Chinese government on financial and pension reform, state-owned enterprise (SOE) restructuring, and macroeconomic policies. Dr. Hu is a trustee of China Medical Board and the co-chair of the Nature Conservatory’s Asia Pacific Council.

Jonathan S. Linen is a member of the board of directors of Yum! Brands, a position he has held since 2005, and of Modern Bank, N.A. Mr. Linen served as advisor to the chairman of American Express Company from January 2006 to August 2016. Prior to his role as advisor to the chairman, Mr. Linen served as the vice chairman of American Express Company since August 1993. Mr. Linen served on the board of directors of The Intercontinental Hotels Group from 2005 to 2015. In addition, Mr. Linen is a former director of Bausch & Lomb.

Micky Pant is expected to serve as the chief executive officer of Yum China. Mr. Pant has served as chief executive officer of Yum! Restaurants China since August 2015. Over the past decade, Mr. Pant has held a number of leadership positions at Yum! Brands, including chief executive officer of the KFC Division, chief executive officer of Yum! Restaurants International and president of Global Branding for Yum! Brands and president of Taco Bell International. Before joining Yum! Brands, Mr. Pant built a foundation in marketing and international business with Unilever and worked at PepsiCo, Inc. and Reebok International Ltd. Since December 2014, Mr. Pant has served as an independent director on the board of Pinnacle Foods, Inc., where he also serves on the audit committee.

Zili Shao has served as co-chairman of King & Wood Mallesons – China since April 2015. From 2009 to 2015, Mr. Shao held various positions with JPMorgan Chase & Co., including chairman and chief executive officer of JPMorgan China, vice chairman of JPMorgan Asia Pacific and chairman of JPMorgan Chase Bank (China) Company Limited. Prior to JPMorgan, he was a partner with Linklaters LLP, a global premium law firm. He held positions as Greater China managing partner and managing partner of Asia Pacific.

About Yum China Holdings
Yum China Holdings will become a licensee of Yum! Brands in Mainland China. It will have exclusive rights to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China. It will also own the Little Sheep and East Dawning concepts outright. The new company will be well positioned for growth thanks to its strong competitive position, integration of its brands into Chinese popular culture and consumers’ daily lives, expanding geographic footprint in China and existing operational expertise. It will have a strong capital position, no debt and expects to continue growing its system sales and profit by adding new restaurants and through growing same-store sales. Yum China has more than 7,200 restaurants in over 1,100 cities in China and generated over $8 billion in system sales in 2015. The growth of consumption in China is being fueled by a new generation of younger consumers who are digitally sophisticated and brand driven. The additional growth of the middle class and urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China poised to be the market leader.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! Brands is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 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 global retail development.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication contain “forward-looking statements.” Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often include words such as “may,” “will,” “estimate,” “intend,” “seek,” “expect,” “project,” “anticipate,” “believe,” “plan,” “could,” “target,” “predict,” “likely,” “should,” “forecast,” “outlook,” “model,” “ongoing” or other similar terminology. Forward-looking statements are based on our current expectations, estimates, assumptions or projections concerning future results or events, including, without limitation, the planned separation of the Yum and Yum China businesses, the timing of such separation, the completion of the anticipated investments by Primavera Capital and Ant Financial in connection with the Yum China separation, the future composition of the Yum China board of directors, the future earnings and performance as well as capital structure of Yum or any of its businesses, including the Yum and Yum China businesses on a standalone basis if the separation is completed. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. Factors that could cause actual results and events to differ materially from our expectations and forward-looking statements are included in reports filed with the SEC by Yum from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Form 10-K and 10-Q, as well as in the Form 10 filed with the SEC by Yum China. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

For Yum! Media Inquiries, please call: 502-874-8200

Source: Yum! Brands, Inc.

Yum! Brands: Primavera Capital Group and Ant Financial Services Group to invest $460 million in Yum China

LOUISVILLE, KY and SHANGHAI, 2016-Sep-07 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) today (September 2, 2016) announced that it has entered into agreements with Primavera Capital Group, a China-based global private equity firm, and Ant Financial Services Group, one of the world’s leading online and mobile financial services providers that operates the widely used Alipay mobile payments platform, to invest a total of $460 million in Yum China, concurrent with the completion of Yum China’s spinoff from Yum! Brands.

The spinoff and concurrent completion of the Primavera and Ant Financial investments are expected to occur on October 31, 2016, with Yum China to commence trading on the New York Stock Exchange as an independent company on November 1, 2016, under the ticker symbol “YUMC.”

Under the terms of the agreements, Primavera and Ant Financial will invest $410 million and $50 million, respectively, in Yum China. The final number of shares issued to Primavera and Ant Financial will be subject to a post closing adjustment such that the effective price will be equal to an 8% discount to the volume-weighted average trading price of Yum China’s equity value during the period commencing 31 days and ending 60 days following completion of the spinoff (subject to a collar mechanism limiting the minimum and maximum shares to be issued). Primavera and Ant Financial will also receive two tranches of warrants to acquire shares of Yum China common stock reflecting approximately 2% equity ownership interest (in the aggregate) in each tranche to be exercisable in the five-year period following the issuance of those warrants, with strike prices correlating to equity values of $12 billion and $15 billion.

The Company also announced that founder of Primavera Dr. Fred Hu, former Chairman of Greater China at Goldman Sachs, will become Non-Executive Chairman of the Board of Yum China.

“We have long admired the Yum China business and are looking forward to collaborating with the Board and management to realize the company’s full potential,” said Dr. Hu of Primavera. “Yum China is an established leader in the retail and restaurant industry which we believe is poised for continued strong growth and unit expansion as cities across China invest in new transportation hubs, shopping malls and other physical and electronic infrastructure that will support consumption. I look forward to leading the Board of Directors of Yum China in its new and exciting chapter as an independent company.”

“Through this collaboration, we aim to help Yum China provide world-class mobile payment services for tens of millions of customers across its brands. These services include hassle-free Alipay for customers to help shorten queues at the cashier as well as membership solutions for Yum China designed to help manage their customer relations and promotions,” said Eric Jing, President of Ant Financial Services Group. “Leveraging our Big Data capabilities, KFC and Pizza Hut witnessed promising marketing results through their promotion on multiple Ant Financial platforms. We look forward to further collaborating with Yum China in the future.”

“Primavera and Ant Financial both have deep insights into the rapid urbanization and digital transformation which is driving the evolution of China’s economy, and we are excited about their investment into Yum China,” said Micky Pant, Chief Executive Officer of Yum China. “The investment is a clear endorsement of our business strategy and growth potential, and their diverse experience and relationships will be extremely beneficial. Dr. Hu’s extensive market insights and experience scaling businesses in China will be invaluable as we move to expand the footprint of our brands. In addition, Yum China is already the leading restaurant company for cashless payment systems in China, and we expect Ant Financial can provide further unique insights to help us better connect with consumers through mobile technology.”

“The investments from Primavera and Ant Financial in Yum China mark another important milestone in our plans to separate the China business and create a solid foundation for Yum China as it prepares to become an independent restaurant powerhouse,” said Greg Creed, Chief Executive Officer of Yum! Brands. “We look forward to partnering with Primavera and Ant Financial to drive long-term growth at Yum China and welcome Dr. Hu as Non-Executive Chairman of Yum China. I’m pleased that the spinoff remains on track for completion on October 31 and look forward to sharing additional details on the transformative initiatives we are undertaking as we become a more heavily franchised company at our New York investor conference on Tuesday, October 11.”

Primavera has an established track record of supporting successful, high-growth companies in China whose business models benefit from rising consumption and the adoption of urban lifestyles. Its investments include Alibaba Group Holding Ltd. (NYSE: BABA) and Ant Financial, among many others. Ant Financial is an online and mobile financial services firm and digital payments network provider in China.

The closing of the investments are subject to completion of the spinoff and other customary closing conditions.

Goldman, Sachs & Co. is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Yum! Brands and Yum China. PJT Partners is serving as an independent financial advisor to Yum! Brands’ Board of Directors. Simpson Thacher & Bartlett LLP and Fangda Partners are serving as legal advisors to Primavera and Ant Financial.

About Yum China Holdings
Yum China Holdings will become a licensee of Yum! Brands in Mainland China. It will have exclusive rights to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China.

The new company will be well positioned for growth thanks to its strong financial position, established brand identity, extensive and expanding footprint and operational expertise. It will have a strong capital position, no debt and significant sales and profit potential from its existing restaurants. KFC and Pizza Hut have more than 7,200 restaurants in over 1,000 cities in China and generated over $8 billion in system sales and approximately $1 billion in EBITDA in 2015. The growth of consumption in China is being fueled by a new generation of younger consumers who are digitally sophisticated and brand driven. The additional growth of the urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China as the clear leader.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 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 global retail development.

Certain statements in this communication contain “forward-looking statements.”  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  These statements often include words such as “may,” “will,” “estimate,” “intend,” “seek,” “expect,” “project,” “anticipate,” “believe,” “plan,” “could,” “target,” “predict,” “likely,” “should,” “forecast,” “outlook,” “model,” “ongoing” or other similar terminology.  Forward-looking statements are based on our current expectations, estimates, assumptions or projections concerning future results or events, including, without limitation, the planned Separation of the Yum and Yum China businesses, the timing of any such Separation, the Investment, the closing of the Investment, or the future earnings and performance as well as capital structure of Yum or any of its businesses, including the Yum and Yum China businesses on a standalone basis if the Separation is completed.  Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements.  We cannot assure you that any of our expectations, estimates or projections will be achieved.  Factors that could cause actual results and events to differ materially from our expectations and forward-looking statements are included in reports filed with the SEC by Yum from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Form 10-K and 10-Q.  You should not place undue reliance on forward-looking statements, which speak only as of the date hereof.  We are not undertaking to update any of these statements.

RELEASE NOTICE

The releases contained on this page may contain dated information. Readers are cautioned that the releases on this page are maintained here solely for the purposes of providing historical background about Yum! Brands, its business and product offerings. As the releases may contain dated information, they should not be relied upon as providing accurate or current information. Yum! Brands disclaims any intention or obligation to update or revise any of the information contained in any of the releases on this page, whether as a result of new information, future events or otherwise.

Media Inquiries: please call 502-874-8200

Source: Yum! Brands, Inc.

Yum! Brands adopts the community of Jinotega, Nicaragua, as part of the Company’s new Feed the World Ambassador Program

Louisville, KY, 2015-10-5 — /EPR Retail News/ — Yum! Brands (NYSE: YUM) announced it has adopted the community of Jinotega, Nicaragua, as part of the Company’s new Feed the World Ambassador Program. The new employee leadership program is part of the Company’s global World Hunger Relief effort that raises awareness, volunteerism and donations for the United Nations World Food Programme (WFP).

The Feed the World Ambassador Program is a way for Yum! employees to fight global hunger and make a lasting impact in a community in need. Each year, a team of selected Yum! Ambassadors have the unique opportunity to travel to an adopted community and evaluate infrastructure improvements the Company can support. The Ambassadors work with WFP to determine improvement projects and costs and then launch fundraising efforts to support the specific community projects.

“We’re a company with a Huge Heart and it’s our privilege and responsibility to Feed the World by making a difference in global hunger,” said Greg Creed, Chief Executive Officer, Yum! Brands. “Witnessing WFP’s life-saving efforts in developing countries like Nicaragua is humbling. I’m hopeful our new employee campaign will give those less fortunate a hand up and create long-term change in communities around the world.”

Creed and a team of Yum! Ambassadors recently traveled to Jinotega, Nicaragua, one of the poorest countries in Latin America. Creed and the Yum! Ambassadors met with local leaders and WFP to identify how the Company could help several communities and schools in the Jinotega region. They also spoke with teachers and parents and prepared and served meals to children at local schools. The Yum! team is raising funds this year to help communities in the region build pre-school classrooms and bathrooms; upgrade their school cafeterias, storage and cooking facilities; provide essential classroom items such as student desks, white boards and supplies; and install sustainable irrigation systems and school gardens, among other things.

“Yum! Brands brings so much to our fight against hunger,” said Jay Aldous, Director of Private Sector Partnerships, WFP. “What is so inspiring is the commitment Yum! employees have in working toward a world with zero hunger. The Feed the World Ambassador Program is yet another example of this genuine desire to make an impact and change lives.”

The new employee leadership program builds on the Company’s legacy of supporting hunger relief initiatives. Yum! Brands’ World Hunger Relief effort is the world’s largest private sector hunger relief initiative, spanning more than 125 countries, over 41,000 KFC, Pizza Hut and Taco Bell restaurants and 1.5 million associates. Since it began in 2007, the effort has raised more than $600 million in cash and food donations for WFP and other hunger relief organizations and provided 2.4 billion nutritious meals for those in need.

Yum! also addresses hunger in the U.S. through its Harvest program. Since 1992, the Company’s brands have contributed more than 176 million pounds of food to over 3,000 nonprofit organizations for those at risk of hunger in the U.S. Since its launch over two decades ago, Yum! Harvest has become the largest prepared-food donation program in the world. The Company continues to expand the program globally.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 41,000 restaurants in more than 125 countries and territories. Yum! is ranked #228 on the Fortune 500 List with revenues of over $13 billion in 2014 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. Outside the United States, the Yum! Brands system opens over five new restaurants per day on average, making it a leader in international retail development.

WFP is the world’s largest humanitarian agency fighting hunger worldwide, delivering food assistance in emergencies and working with communities to improve nutrition and build resilience. Each year, WFP assists some 80 million people in around 80 countries.

SOURCE: Yum! Brands RSC

Yum! Brands, Inc. announces the appointment of Micky Pant as Chief Executive Officer of Yum! Restaurants China

Joey Wat Named CEO of KFC China; Peter Kao Named CEO of Pizza Hut China

Louisville, KY, 2015-8-21— /EPR Retail News/ — Yum! Brands, Inc. (NYSE:YUM) today announced that long–time YUM veteran, Micky Pant, 60, has been appointed Chief Executive Officer of Yum! Restaurants China, succeeding Sam Su, 63, who announced his plans to retire as Chairman and CEO of the China Division. Su will serve as an Executive Advisor through February 2016 and also remain on the Yum! Brands, Inc. Board of Directors to ensure a smooth and seamless transition. The Company also announced that Joey Wat, 44, President of KFC China, and Peter Kao, 58, Senior Vice President and Brand General Manager of Pizza Hut China, have each been promoted to the position of Chief Executive Officer of KFC and Pizza Hut, respectively, reporting to Pant.

Greg Creed, Chief Executive Officer, Yum! Brands, Inc. said: “Sam Su is a restaurant industry pioneer in China, having established KFC and Pizza Hut as global powerhouses in the world’s fastest growing economy. While we respect and support his decision to retire after a long and successful career with YUM, we are grateful he has built a strong leadership team to carry on and leverage the unprecedented growth opportunity that China presents. I’m especially pleased this leadership transition comes at a time that same-store sales have turned significantly positive, demonstrating continued recovery in the business. We thank Sam for his many significant contributions to YUM, and for ensuring a seamless transition of management to Micky Pant, who I am extraordinarily pleased will become Chief Executive Officer of Yum! Restaurants China. Micky has been one of our most effective and visionary leaders at YUM for the past decade. He is one of the finest brand builders in the business with an unparalleled ability to understand consumer insights and to pursue strategies that build trust and loyalty. At the same time, he is a culture champion and world-class business executive, who knows how to run and grow profitable businesses and attract world-class talent. His strong leadership skills are evident in the tremendous success he has delivered at Yum! Restaurants International (YRI) as President of KFC and Pizza Hut, and then as CEO of KFC globally. Micky is the perfect person to next lead the China Division, given his vast knowledge of KFC and Pizza Hut best practices from around the globe. He will be supported by two tremendous leaders, Joey Wat, President of KFC and Peter Kao, SVP and Brand GM of Pizza Hut, who are promoted to Chief Executive Officer of their respective brands, reporting to Micky. Angela Loh, who has served as Chief Concept Officer, and Mark Chu, who has served as President, Chief Operating Officer, will serve as Senior Advisors to Micky, continuing to share their extensive years of expertise. We believe this seasoned executive team is well-positioned to ensure a seamless management transition and continue our growth trajectory in China for many years to come.

“As Micky becomes the CEO of the China business, I’m pleased that Roger Eaton, 55, will become Chief Executive Officer of the KFC Division outside of China and India, reporting to me. As the YUM Chief Operations Officer, Roger strengthened our operations capability, food quality and safety, and sustainability. He is a restaurant industry veteran who definitely has KFC shortening in his veins, having held many senior management roles with the brand in the U.S. and internationally. Roger is a tremendous leader and I’m confident he and his team will take the KFC brand to new heights globally, building on Micky’s success.”

Yum! Brands, Inc., based in Louisville, Kentucky, has over 41,000 restaurants in more than 125 countries and territories. Yum! is ranked #228 on the Fortune 500 List with revenues of over $13 billion in 2014 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. Outside the United States, the Yum! Brands system opens over five new restaurants per day on average, making it a leader in international retail development.

This announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Our forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

SOURCE: Yum! Brands RSC