Company to launch internal and external search for successor
Louisville, KY, – Louisville-based Yum! Brands, Inc. (NYSE:YUM) announced today that Patrick Grismer, 53, intends to resign as Chief Financial Officer, effective February 19, 2016. Mr. Grismer will continue to serve as CFO until that time and will help finalize the Company’s 2015 Form 10-K filing with the Securities and Exchange Commission. He will also present at the Company’s upcoming investor conference in Plano, Texas, on December 10, 2015. The Company will conduct a search of internal and external candidates to identify a successor.
“Pat has added tremendous value as CFO of our company and has been an excellent partner to me,” said Greg Creed, Chief Executive Officer. “I respect his personal decision to move to be geographically closer to family members, and I wish him all the best. We have a strong and seasoned team of financial executives who have the expertise and experience needed to ensure a seamless transition and to execute a smooth separation of our China business.”
Mr. Grismer said, “This was a difficult personal decision for me, as this is an exciting time for the Company as it embarks on its strategic transformation. I’m confident that both Yum! and Yum! China will capitalize on the excellent growth opportunities ahead.”
Grismer has served as CFO of YUM since 2012. Prior to that, he served in a number of senior finance and planning positions since 2002.
ABOUT YUM! BRANDS
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.