Yum! Brands Inc. has announced the appointment of Michael J. Cavanagh, 46, to its board of directors. Cavanagh is the co-chief executive officer of JPMorgan Chase & Co.'s Corporate & Investment Bank based in New York City. The appointment will be effective immediately.
"Michael Cavanagh will make an outstanding addition to the Yum! Brands' board of directors. Mike is a leader of one of the largest financial services businesses in the world, with demonstrated leadership capabilities and extensive experience in global markets, strategic investment, cash management and retail. His expertise will be highly valuable as we invest in our future growth, and continue our long-term strategy as a global leader in restaurant development with returns on invested capital among the highest in our industry," said David C. Novak, Yum! Brands chairman and CEO.
Cavanagh was appointed co-CEO of JPMorgan Chase & Co.'s Corporate & Investment Bank in July of this year. Prior to that, he was the CEO of JPMC's Treasury & Securities Services business, one of the world's largest cash management providers and a leading global custodian. He is also a member of the firm's Operating and Executive Committees.
Prior to being named CEO of Treasury & Securities Services in 2010, Cavanagh was chief financial officer of JPMorgan Chase & Co. for six years. Before being named CFO, Cavanagh was head of Middle Market Banking for JPMorgan Chase.
Cavanagh joined Bank One in May 2000 (prior to its acquisition by JPMorgan) and held a variety of roles there including head of Strategy and Planning, treasurer and other executive positions in banking. Before joining Bank One, Cavanagh spent seven years with Citigroup and its predecessors.
Share repurchases and quarterly dividend
Yum! Brands' board also authorized the company to repurchase up to $1 billion in additional shares of common stock and declared a dividend of $0.335 per share of common stock. The quarterly dividend will be distributed Feb. 1, 2013, to shareholders of record at the close of business on Jan. 11, 2013.
The $1 billion in additional share repurchases of the company's outstanding common stock is authorized through May 31, 2014. Year-to-date, the company has repurchased $815 million of shares of common stock at an average price of $66.
Yum!'s first priority with the operating cash it generates is to invest in high-return global growth opportunities. In addition, Yum! is committed to returning significant cash to shareholders. Throughout the past five years, the company has returned $5.7 billion of cash through the combination of share repurchases and dividends.
Yum! will host its 2012 Investor and Analyst Conference on Dec. 6 in New York. Presentations will begin at 8:45 a.m.
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