8-K
YUM BRANDS INC (YUM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
March 26, 2025
YUM! BRANDS, INC.
(Exact name of registrant as specified in its charter)
Commission file number 1-13163
| North Carolina | 13-3951308 |
|---|---|
| (State or other jurisdiction of<br> <br>incorporation or organization) | (I.R.S. Employer<br> <br>Identification No.) |
| 1441 Gardiner Lane, Louisville, Kentucky | 40213 |
| --- | --- |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (502) 874-8300
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act
| Title of Each Class | Trading<br>Symbol | Name of Each Exchange<br> <br>on Which Registered |
|---|---|---|
| Common Stock, no par value | YUM | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Certain Officers |
|---|
On March 26, 2025, David Gibbs, the Company’s Chief Executive Officer, informed the Board of Directors of his intention to retire in 2026. Mr. Gibbs remains a member of the Board. The Board has established a succession planning committee to identify the next Chief Executive Officer.
A copy of the release announcing the above is attached as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits |
|---|---|
| (c) | Exhibits |
| --- | --- |
| Exhibit<br>No. | Description |
| --- | --- |
| 99.1 | Press Release dated March 31, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| YUM! BRANDS, INC. | |
|---|---|
| (Registrant) | |
| Date: March 31, 2025 | /s/ Erika Burkhardt |
| Chief Legal Officer and Corporate Secretary |
EX-99.1
Exhibit 99.1
YUM! BRANDS ANNOUNCES LEADERSHIP TRANSITION PLANS;
DAVID GIBBS TO RETIRE IN 2026
The Board of Directors is Conducting a Thorough Succession Planning Process
Louisville, KY, March 31, 2025 – Yum! Brands, Inc. (NYSE: YUM) today announced that David Gibbs, Chief Executive Officer, has informed the Board of Directors of his intention to retire from the Company in the next year.
The Board has established a succession planning committee and will work deliberately to identify and appoint the best candidate to lead the company’s next chapter. Gibbs will continue leading the company throughout the search process until his retirement, expected in the first quarter of 2026.
“During my time as CEO and throughout my 36 years with Yum! Brands, it has been an honor to work alongside this incredibly talented team and our dedicated franchisees to build the most loved, trusted, and connected restaurant brands around the world,” said Gibbs. “I set out to strengthen and broaden the appeal of our iconic brands, build industry-leading digital capabilities, dramatically accelerate the pace of profitable new unit development, and amplify our people-first culture. I am pleased with the progress we have made on all fronts and know that Yum! Brands is now stronger and more resilient than ever. I look forward to supporting the next CEO candidate and ensuring the company is set up for continued success. In the meantime, my focus remains on executing our strategy and delivering against our growth commitments.”
Gibbs has served as Yum! Brands’ CEO since January 2020. As CEO, Gibbs focused on leading the company’s digital transformation, building the Company’s development engine and delivering strong shareholder returns powered by a people-first culture of collaboration. Simultaneously, Gibbs also successfully navigated the Company through the COVID-19 pandemic and an increasingly complex operating environment, making the Company a top performer in the restaurant industry. During Gibbs’ tenure, digital sales surpassed $30 billion in 2024 with over 50% of sales through digital channels and the pace of annual net new unit development tripled, leading to more than 61,000 restaurant units worldwide.
“Along with the entire Board of Directors, I commend David for his dedication to Yum! Brands and applaud his transformative impact on the company – not just in his time as CEO, but throughout the entirety of his nearly four-decade career with Yum! Brands,” said Brian Cornell, Non-Executive Chairman of the Yum! Brands Board of Directors and Chairman and CEO of Target Corporation. “The Board is committed to overseeing a thorough succession planning process and appreciates David’s continued leadership of the business as well as the ample timeline provided to ensure a seamless leadership transition.”
About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of over 61,000 restaurants in more than 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired food, and pizza categories, respectively. Habit Burger & Grill is a fast casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2024, Yum! was named to the Dow Jones Sustainability Index North America, Newsweek’s list of America’s Most Responsible Companies, USA Today’s America’s Climate Leaders and 3BL’s list of 100 Best Corporate Citizens. In 2025, the Company was recognized among TIME magazine’s list of Best Companies for Future Leaders. In addition, KFC, Taco Bell and Pizza Hut led Entrepreneur’s Top Global Franchises 2024 list and were ranked in the first 25 of Entrepreneur’s 2025 Franchise 500, with Taco Bell securing the No. 1 spot in North America for the fifth consecutive year.
Yum! Brands
YumPublicRelations@yum.com
(502) 874-8200