Yum! Brands names new CFO
April 27, 2016
by Monica Watrous
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David Gibbs has been promoted to president and chief financial officer of Yum! Brands, Inc.
LOUISVILLE, Ky. — David Gibbs has been promoted to president and CFO of Yum! Brands, Inc., effective May 2. He will report to Greg Creed, CEO.
Most recently, Gibbs was CEO of the global Pizza Hut division. During his 27 years with the company, he has held a number of roles, including development, real estate, finance and engineering. He was CFO of Pizza Hut US from 2005 to 2010 before transitioning to the position of president and CFO of Yum! Restaurants International, where he led the finance, information technology, supply chain and development functions for the company’s international division. He also served as president of Pizza Hut US as CEO of the global Pizza Hut division, Gibbs’ responsibilities have included driving growth for more than 14,000 restaurants in more than 90 countries, excluding the company’s China division.
In his new role, he will assume global responsibility for finance, operations, supply chain and information technology.
“David is an extraordinarily talented executive with a strong track record of leadership in finance, global strategy and brand building,” Creed said. “The Yum! board and I are confident that David’s experience and deep knowledge of our global business will prove instrumental as we work toward strengthening our iconic brands while completing the separation of our China business — creating two powerful, independent, focused growth companies.
“I would also like to thank Dave Russell for his strong leadership as interim CFOand ongoing support during this transformational year.”
Russell will resume his role as vice-president, finance and corporate controller for Yum! Brands. The global Pizza Hut division will be led by Milind Pant, president of Pizza Hut International, and Artie Starrs, who will advance from general manager to president of Pizza Hut US, effective May 2.
The announcement of Gibbs’ promotion concludes the company’s internal and external search for Yum! Brands’ CFO and ensures a smooth transition of leadership ahead of the planned separation of its China business by the end of the year.
“I’m looking forward to working with Greg and the Yum! executive team to grow our brands and complete the China separation, which we expect to generate strong returns for our shareholders over the long term,” Gibbs said. “We remain committed to our stated goal of 96 percent of our restaurants being owned and operated by franchisees by the end of 2017, with operating margins, capital expenditures and an efficient G&A structure consistent with a reduced ownership business model. With our flagship securitization and overall financing launching in the coming weeks and setting up the company with an optimized capital structure, we remain on track to return an incremental $4.4 billion of capital to shareholders prior to the separation.