Yum! Brands Inc. announced today that its chairman and CEO David C. Novak, 61, will become executive chairman on Jan. 1, 2015, transitioning from his current role. Greg Creed, 56, current CEO of Taco Bell, will be his successor.
Novak has served as CEO since 1999, growing the company to more than 40,000 restaurants in 125 countries.
According to a news release, once Novak steps into the executive chairman role, he will form the Office of the Chairman. The office will also include Sam Su, 62, who will continue to serve as Yum! Brands' vice chairman and chairman/CEO of the China Division; and Creed.
"This new Office of the Chairman will partner as a triumvirate on overall corporate strategy and leadership development to propel continued growth," Novak said in the release.
The day-to-day accountability for leading the company will be transitioned to Creed on Jan. 1. Until then, he will continue to serve in his current role as CEO of Taco Bell and work with Novak to develop the company's 2015 operating plan and to ensure a seamless transition.
As Yum! Brands' CEO, Creed will lead the overarching strategies, structure, people development and culture worldwide. All of the company's functional leaders and divisions will report to Creed, a 20-year veteran with Yum!
"Greg Creed is the ideal leader to become our next CEO ... He walks the talk of our culture and is determined to take it to the next level. He is a visionary business leader with a proven track record of results. He made Taco Bell an industry leader. He is a breakthrough thinker, creating new dayparts such as FourthMeal and breakfast, as well as major product lines, such as Doritos Locos Tacos and Cantina Bell. Last but not least, he has a passion for our global business," Novak said. "There is no doubt in my mind he is fully qualified and equipped with the positive energy we need to lead the company to the next level."
In his executive chairman role, Novak will lead the board of directors and mentor Creed on corporate strategy, business and brand building ideas and leadership development, the release said.