| 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)
________________________
(Exact name of registrant as specified in its charter)
Commission file number 1-13163
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
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
| Section 9.01 | Financial Statements and Exhibits | ||||
| (d) | Exhibits | ||||
| Exhibit No. | Description | ||||
| 99.1 | |||||
| 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: | June 17, 2025 | /s/ Erika Burkhardt | ||||||||||||
| Chief Legal Officer and | ||||||||||||||
| Corporate Secretary | ||||||||||||||