LOUISVILLE, Ky. — David Novak, executive chairman of Yum Brands, Inc. announced plans to retire in May following the company’s annual shareholder meeting.
“I feel deeply privileged to have served over the years as Yum! Brands chairman and CEO,” said Novak. “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.”
Novak was appointed CEO of Yum in 1999 and has served as chairman of Yum Brands since 2000. He transitioned to executive chairman on Jan. 1, 2015, when he was succeeded by Greg Creed. Novak plans to remain a shareholder in both companies.
