8-K

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)

June 13, 2025

________________________

YUM! BRANDS, INC.

(Exact name of registrant as specified in its charter)

Commission file number 1-13163

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))

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. ☐

On June 13, 2025, the Board of Directors of Yum! Brands, Inc. (the Company) elected Christopher Turner, currently Chief Financial and Franchise Officer of the Company, as Chief Executive Officer of the Company, effective October 1, 2025, at which time David Gibbs, the Company’s current Chief Executive Officer, will assume a non-executive advisory role. Mr. Turner (50) has served as Chief Financial Officer of the Company since August 2019 and Chief Franchise Officer since November 2024. Before joining the Company, Mr. Turner served as Senior Vice President and General Manager of PepsiCo’s retail and e-commerce business covering Walmart in the U. S. and more than 25 countries from December 2017 to July 2019.

In connection with Mr. Turner’s election as the Company’s Chief Executive Officer, the Company provided Mr. Turner with an offer letter, pursuant to which Mr. Turner will receive an annual base salary of $1,100,000 and an annual cash bonus with a target value equal to 200% of his base salary and a maximum value equal to three times his target bonus. The actual cash bonus payout will be based on achievement of certain team and individual performance factors and, for 2025, will be prorated for the portion of the year during which he serves as CEO. He will also receive a long term equity incentive award for his service as CEO during 2025 with an aggregate grant date fair value of $1,500,000, consisting of stock appreciation rights (25%), restricted stock units (25%) and performance share units (50%) covering the 2025-2027 performance period. Mr. Turner’s annual long term equity award for 2026 is expected to have an aggregate grant date fair value of $10,100,000 consisting of stock appreciation rights, restricted stock units and performance share units in the same proportions as those described above for his initial award. Mr. Turner may participate in the Company’s Executive Income Deferral Program, as well as the Company’s other healthcare, retirement and vacation benefit plans and programs in accordance with the terms of such plans.

A copy of the press release announcing the above is attached as exhibit 99.1

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.

Document

YUM! BRANDS APPOINTS CHRIS TURNER AS CHIEF EXECUTIVE OFFICER EFFECTIVE OCTOBER 1, 2025

David Gibbs will serve as an adviser to Yum! Brands until the end of 2026

LOUISVILLE, KY, June 17, 2025 – Yum! Brands, Inc. (NYSE: YUM) today announced that its Board of Directors has unanimously elected Chris Turner, 50, as Chief Executive Officer, effective October 1, 2025.

Turner, who currently serves as Chief Financial & Franchise Officer for Yum! Brands, will succeed current Chief Executive Officer David Gibbs, who, in March 2025, informed the Board of Directors of his intention to retire in the next year after 37 years with the Company and a successful tenure as CEO.

"I’m deeply honored to step into the role of CEO at Yum! Brands and incredibly grateful for the opportunity to lead this global company with such iconic brands,” said Turner. “I want to sincerely thank David Gibbs for his exceptional leadership and partnership. I’m excited to build on all that we’ve accomplished together alongside our talented teams and in partnership with our franchisees around the world, as we innovate, grow our brands and continue delivering exceptional experiences for our consumers."

Turner has served as Yum! Brands' Chief Financial Officer since 2019 and expanded his role to include Chief Franchise Officer in 2024, with responsibilities for finance, corporate strategy, supply chain, franchise standards and support. In recent years, he has been instrumental in driving bold actions that leverage Yum!’s scale, such as accelerating the Company’s digital and technology transformation through initiatives like the establishment of Byte by Yum!, an AI-driven restaurant technology platform; launching a centralized, global Supply Chain Center of Excellence; and the creation of Saucy by KFC, a bold new restaurant concept.

He has worked closely with Gibbs and the entire Yum! Brands leadership team to drive growth through unit development, deliver strong shareholder returns and foster a people-first culture of collaboration.

"It has been the privilege of a lifetime to lead Yum! Brands and work with such passionate, talented people across our global system throughout my almost 37 years with the Company,” said Gibbs. “I’m incredibly proud of what we’ve accomplished together and am confident that the best is yet to come. During my time partnering with Chris, he’s demonstrated deep knowledge of our business, strong values and a clear commitment to our growth. I can’t think of a better person to guide Yum! into its next chapter, and I look forward to supporting a smooth and successful transition."

Gibbs has served as Yum! Brands’ CEO since January 2020. As CEO, Gibbs was instrumental in architecting and leading the Company’s digital transformation and tripled the pace of Yum! Brands’ annual net new unit development, leading to nearly 61,000 restaurant units worldwide. Gibbs also successfully navigated the Company through the COVID-19 pandemic and an increasingly complex operating environment, making Yum! 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.

Gibbs remains CEO until September 30, 2025, and will serve as an adviser to the Company until the end of 2026 to ensure a seamless transition.

"On behalf of the Board, I want to extend our deepest gratitude to David Gibbs for his outstanding visionary leadership, and the lasting impact he’s made on Yum! Brands,” said Brian Cornell, Non-Executive Chairman of the Yum! Brands Board of Directors. “David led the Company during unprecedented times all while strengthening, transforming and growing the business, with Chris as a key partner. During his tenure, Yum! delivered strong performance and advanced its growth strategy that has helped attract and retain the best talent in the industry. We are thrilled to appoint Chris as the next CEO — a proven leader with a deep understanding of the business, strategic expertise, financial acumen and unique perspectives that will help accelerate our growth. The Board is confident that Chris is the right leader to take Yum! Brands forward and accelerate the Company’s momentum."

As Yum! Brands CEO, Turner will focus on executing Yum!’s mission of growing the most loved, trusted and connected restaurant brands globally. He will be responsible for driving the Company’s Good Growth strategy, which includes ongoing digital initiatives, scaling bold innovation to power the Company’s iconic brands and delivering long-term results.

Turner’s career has spanned leadership roles for major global brands like PepsiCo and its sub-brands. Prior to joining Yum! Brands, Turner led PepsiCo’s retail and e-commerce business with Walmart in the U.S. and more than 25 countries, and across PepsiCo’s brands in the beverage, snack and nutrition categories. He also spent more than 13 years with McKinsey & Co., where he served as Partner in the firm’s Dallas office and led the Service Operations practice in North America, the Restaurant Service Line, the Retail Operations team and recruiting for all Southern U.S offices.

About Yum! Brands Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of nearly 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