Yum! Brands is Getting a New! CEO

From the “Tortillapocalypse” to the impending closure of 500-plus Pizza Huts, it’s been a tumultuous few weeks for franchise parent company Yum! Brands. 

Here at 1851 Franchise, we love a good executive shakeup, as evidenced by this article from late July announcing new CEOs at both Taco Bell and Pizza Hut. It appears the leadership changes at Yum! weren’t done then, as it was announced on Monday that CEO and 25-year company veteran Greg Creed would be retiring at the end of the year. Come January 1, 2020, David Gibbs will move into the role, exchanging just a single letter in his current title of COO.

Restaurant Business noted that Gibbs has been with Yum! for more than 30 years and has served in a variety of roles including global strategy, finance, general management, operations and real estate.

Despite the company’s recurring presence in the news cycle of late, business is good, as CNBC points out Yum! Brands saw a 5% increase in same-store sales in Q2 and company shares are up more than 25% in 2019. 

“I am excited to accept this new role as we conclude the third and final year of our company’s strategic transformation,” Gibbs said in a statement. “Because of our journey to become more focused, franchised and efficient, we’re now in the best position we’ve ever been in to accelerate growth and improve franchise unit economics, but we still have more to achieve."

Read the full announcement here. Photo courtesy of Yum! Brands on Twitter.