Yum! Brands has announced that Greg Creed, the Taco Bell CEO, will become its next CEO with effect from January 01, 2015. Creed will succeed 61-year-old David C. Novak, the current Chairman and CEO who will take up a new role of an Executive Chairman for the brand.
In his new role as the Yum! Brands CEO, Creed will lead the overarching strategies, structure, people development and culture to drive sales and profitability at all of the company’s businesses worldwide. All Yum! functional leaders and divisions will report to him, a 20 year veteran with the company.
Creed, 56, will join Novak and Su on the Company’s Board of Directors on January 01, 2015. Until then, he will continue to serve in his current role and work with Novak to develop the company’s 2015 operating plan and to ensure a seamless transition. “This new Office of the Chairman will partner as a triumvirate on overall corporate strategy and leadership development to propel continued growth,” said Novak.
Novak who has been the CEO since 1999, will form the Office of the Chairman in the new role which will also include Sam Su, 62, who will continue as Yum! Brands Vice-Chairman and Chairman/CEO of the Yum! China Division.
“Greg Creed is the ideal leader to become our next CEO. First and foremost, he walks the talk of our culture and is determined to take it to the next level. Next, he is a visionary business leader with a proven track record of results. He made Taco Bell an industry leader, elevating the brand’s esteem and establishing top-tier customer service levels. He is a breakthrough thinker, creating new day parts such as FourthMeal and breakfast, as well as major product lines, such as Doritos Locos Tacos and Cantina Bell. Last but not least, he has a passion for our global business, rooted with international positions at Unilever and at KFC and Pizza Hut in Australia and New Zealand. He is a well-rounded executive having previously served as Yum! Brands Chief Operations Officer. There is no doubt in my mind he is fully qualified and equipped with the positive energy we need to lead the Company to the next level,” stated Novak.
He further added: “As Executive Chairman, I will lead the Board of Directors and focus on mentoring Creed as our new CEO. I will spend my time supporting him on corporate strategy, innovative business and brand building ideas and leadership development. Su, who has arguably built the best restaurant business anywhere in the world, is passionate about living in China and taking our brands to even further heights in the years ahead. He will continue to build leading brands in China and share best practices with other emerging market general managers system-wide.
“Based in Louisville, Kentucky, Yum! Brands has over 40,000 restaurants in over 125 countries and territories. 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 opened over five new restaurants per day, making it a leader in international retail development.