LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today announced that Keith Siegner, 41, will join the Company as Vice President, Investor Relations and Corporate Strategy, reporting to President and Chief Financial Officer, David Gibbs, effective July 11, 2016. In this role, Siegner will assume responsibility for the Company’s relationships with the analyst and investor community. He will also play a key role in shaping YUM’s long-term growth strategies as the Company moves toward the separation of its China business by the end of October.
“Keith is an excellent addition to Yum! Brands. He brings to this important position nearly 20 years of financial expertise and a deep understanding of the restaurant industry and our Company,” said Gibbs. “Keith’s insight into franchisee economics and benchmarking to uncover areas for improvement, coupled with his knowledge of Wall Street, will enable him to make a meaningful impact on our business and our interactions with the investment community. This is an exciting time at YUM as we separate into two powerful, independent companies – Yum! Brands and Yum! China – with unique investment profiles, capital structures, and compelling growth potential. We are thrilled to have someone with Keith’s experience and knowledge join our Company,” Gibbs added.
Siegner joins YUM from UBS Securities, LLC, where he served as an Executive Director in securities research, analyzing and publishing investment advice for restaurant companies with a combined market capitalization of $300 billion, including YUM. He previously spent over 12 years at Credit Suisse Securities USA, LLC, on teams covering the environmental services and specialty chemicals sectors before assuming lead coverage of the restaurant sector in 2007. Earlier in his career, Siegner worked in the international tax consulting services practice of Arthur Andersen LLP. He received both bachelor’s and master’s accounting degrees from Wake Forest University.
“I am thrilled to be joining the world-class YUM team as the Company moves toward its next chapter. Greg Creed, David Gibbs and the team have a clear vision to transform YUM for the future by capitalizing on the extraordinary strength and growth potential of the KFC, Pizza Hut and Taco Bell brands. After many years following YUM, I cannot wait to play a role in driving its long-term growth and success,” said Siegner.
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company's restaurant brands - KFC, Pizza Hut and Taco Bell - are the global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.
This announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements reflect our current expectations, estimates or projections concerning future results or events, including, without limitation, statements regarding the intended capital return to shareholders as well as the related borrowing required to fund such capital return, the planned separation of the Yum! Brands and Yum! China businesses, the timing of any such separation, the future earnings and performance as well as capital structure of Yum! Brands, Inc. or any of its businesses, including the Yum! Brands and Yum! China businesses on a standalone basis if the separation is completed. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to return capital to shareholders at the times and in the amounts currently anticipated, if at all, as well as the corresponding costs of borrowing to fund such capital return as well as other costs; whether the separation of the Yum! Brands and Yum! China businesses is completed, as expected or at all, and the timing of any such separation; whether the operational and strategic benefits of the separation can be achieved; whether the costs and expenses of the separation can be controlled within expectations, including potential tax costs; as well as other risks. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our Annual Report or Form 10-K) for additional detail about factors that could affect our financial and other results.