- Push-out Score determined
- After about five years in the position
- Accolades, praise and thanks for Creed
- David Gibbs taking over
- Creed spoke at length and said 194 words
(exechange) — Louisville, Kentucky, August 12, 2019 — Greg Creed, chief executive of Yum! Brands, leaves. As announced by Yum Brands Inc. in a news release on Monday, August 12, 2019, Greg Creed leaves his post as Chief Executive Officer at the world’s largest fast-food-chain operator by store count after about five years in the role, effective December 31, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.3 years, according to data compiled by exechange.
The announcement of Greg Creed’s move comes nine months after Brian Cornell took over as Chairman of Yum! Brands, Inc.
Greg Creed’s duties as CEO will be taken over by David W. Gibbs, currently President and Chief Operating Officer of Yum! Brands, Inc.
“We conclude the third and final year of our company’s strategic transformation”
A reason for Greg Creed’s departure from the CEO post was not explicitly provided. Gibbs said: “I am excited to accept this new role as we conclude the third and final year of our company’s strategic transformation.”
Precise information regarding Greg Creed’s future plans was not immediately available.
“Retire”
Yum! Brands said: “Gibbs …, who currently serves as Yum! Brands President and Chief Operating Officer and oversees the global KFC, Pizza Hut and Taco Bell divisions, will succeed Greg Creed …, who has announced his decision to retire at the end of 2019 after a successful 25-year career with the Company.”
Share price increase since January 2015
The announcement follows an increase in Yum! Brands, Inc.’s share price of 125% since January 2015.
Chaired by Brian Cornell
Yum! Brands, Inc. is chaired by Brian Cornell.
Brian Cornell became Non-Executive Chairman of Yum! Brands, Inc. on November 19, 2018, and has served on Yum!’s board since 2015. He is board chairman and CEO of Target Corp. and is responsible for Target’s global business, including the company’s more than 1,800 U.S. stores, digital properties and 323,000 team members.
In the position of CEO since 2015
Greg Creed became CEO of the Company in January 2015.
Creed remains CEO through the end of 2019 to ensure a smooth and seamless transition.
He will serve as a part-time advisor next year and also remain on the Yum! Brands Board of Directors.
Greg Creed is Chief Executive Officer of YUM.
He has served in this position since January 2015.
He served as Chief Executive Officer of Taco Bell Division from January 2014 to December 2014 and as Chief Executive Officer of Taco Bell U.S. from 2011 to December 2013.
Prior to this position, Creed served as President and Chief Concept Officer of Taco Bell U.S., a position he held beginning in December 2006. Creed served as Chief Operating Officer of YUM from 2005 to 2006.
He has served as a director of Whirlpool Corporation since 2017 and previously served as a director of International Games Technology from 2010 until 2015.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Yum! Brands and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2019 ($).