– USA, KY – Yum! Brands, Inc. (NYSE: YUM) announced today it is nearing conclusion of its strategic review, the appointment of Keith A. Meister to its Board of Directors, and updated its outlook for 2015.
The Company said its Board and management are close to concluding their thorough review of strategic options, including those related to the Company’s structure, and intend to communicate the outcome shortly.
“This has been a comprehensive, year-long process, working with our financial and legal advisors, and we are near its conclusion,” said Greg Creed, Chief Executive Officer of Yum! Brands.
David Novak, Executive Chairman, Yum! Brands, said: “We are pleased to welcome to the Board one of our largest shareholders, Keith Meister, whose deep financial expertise will be invaluable to us as we conclude our disciplined review of our strategy and structure. The Yum! Board comprises a group of active and engaged directors, and we look forward to benefitting from Keith’s vast experience and his input prior to the conclusion of our review.”
Mr. Meister is Founder and Managing Partner of investment fund Corvex Management LP. Corvex Management is one of Yum! Brands’ largest shareholders, holding nearly 5% of YUM’s common stock. His appointment is effective Friday, October 16, 2015.
Mr. Meister said, “We have had a constructive dialogue with the Board and management over the last several months. This is a company with multiple avenues for unlocking significant long-term value, and I look forward to working with the Board and management to expeditiously finalize a plan that we believe can deliver that value to shareholders.”
With the election of Mr. Meister, the Yum! Brands Board of Directors expands to 14 members. Mr. Meister will be included in the Company’s slate of nominees for election to the Board at the 2016 Annual Meeting of Shareholders.
About Keith A. Meister
Mr. Meister has been Managing Partner of Corvex Management LP since December 2010. Prior to founding Corvex, Mr. Meister served from 2002 to 2010 in a range of leadership roles within the organization headed by Carl C. Icahn, including as Chief Executive Officer and Vice Chairman of the general partner of Icahn Enterprises LP (NYSE: IEP). Mr. Meister has previously served as a director of numerous other companies including: Williams Companies, Motorola Mobility, Motorola, Inc., XO Holdings, Federal Mogul, American Railcar Industries, The ADT Corporation and Ralcorp Holdings, Inc.
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.
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