Yum Announces CFO Transition Plan
Grismer Intends To Resign As CFO On February 19, 2016; Company To Launch Internal And External Search For Successor
December 08, 2015 // Franchising.com // Louisville, KY – 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.
This announcement does, and any related announcements 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. Factors that can cause our actual results to differ materially include, but are not limited to: the outcome of our on-going review of strategic options, including those related to the Company’s structure, and uncertainties that may delay or negatively impact such review or our ability to realize anticipated benefits of such review, the results thereof or announcements related thereto; food safety and food borne-illness issues; changes in economic conditions, consumer preferences, tax rates and laws and the regulatory environment, as well as increased competition and other risks in China, where a significant and growing portion of our restaurants are located, including continued challenges in forecasting sales in China; the impact or threat of any widespread illness or outbreaks of viruses or other diseases; changes in economic and political conditions in the other countries outside the U.S. where we operate; our ability to protect the integrity and security of individually identifiable data of our customers and employees; our ability to secure and maintain distribution and adequate supply to our restaurants; the success of our international development strategy; commodity, labor and other operating costs; the continued viability and success of our franchise and license operators; consumer preferences and perceptions of our brands; the impact of social media; pending or future litigation and legal claims or proceedings; changes in or noncompliance with government regulations; tax matters, including disagreements with taxing authorities; significant changes in global economic conditions, including consumer spending, consumer confidence and unemployment; and competition within the retail food industry, including with respect to price and quality of food products, new product development, advertising levels and promotional initiatives, customer service, reputation, restaurant location, and attractiveness and maintenance of properties. 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