LOUISVILLE, Ky. – Yum! Brands Inc. announced the appointment of nine new directors for Yum China Holdings Inc. (Yum China). The new directors are expected to serve following the completion of Yum China’s spin-off from Yum! Brands by Oct. 31.
“We’re pleased to have announced the composition of the Yum China board of directors as we near the completion of the separation,” Greg Creed, CEO of Yum! Brands, said in a news release. “We are confident that these business leaders will offer the market insights and strategic vision required to enable Yum China to reach its full potential.”
Dr. Fred Hu, chairman and founder of China-based Primavera Capital Group, will serve as non-executive chairman of the Yum China Board. Primavera Group is a global investment firm that invested in Yum China. Hu will assume his role as non-executive chairman after the distribution and the Primavera investment are complete.
The board also will include:
- Micky Pant, CEO of Yum China.
- Peter A. Bassi, former chairman and president of Yum! Restaurants International and current lead director for BJ’s Restaurant and Potbelly Sandwich Works.
- Christian L. Campbell, owner of Christian L. Campbell Consulting LLC and former senior vice president, general counsel, secretary and chief franchise policy officer of Yum! Brands.
- Ed Chan Yiu-Cheong, vice chairman of Charoen Pokphand Group Company Limited.
- Edouard Ettedgui, non-executive chairman of Alliance Française, Hong Kong and non-executive director of Mandarin Oriental International Limited.
- Louis T. Hsieh, director and senior advisor to the CEO, and former CFO and president of New Oriental Education & Technology Group.
- Jonathan S. Linen, director for Yum! Brands and Modern Bank N.A., former adviser to the chairman of American Express Company, and former vice chairman of American Express Company.
- Zili Shao, co-chairman of King & Wood Mallesons - China.
Yum China will name one additional independent board member in connection with the spin-off.
Yum! Brands, which owns KFC, Pizza Hut and Taco Bell, agreed to spin off its China business. After the spin-off, Yum! China will become a franchisee of Yum! Brands in Shanghai, China, and will have exclusive rights to KFC, Pizza Hut and Taco Bell.