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Bob Walter tapped as non-executive chairman of Yum! Brands

Yum! Brands has appointed Robert D. Walter to serve as non-executive chairman of the board.

March 11, 2016

Yum! Brands Inc has announced Robert D. Walter, 70, will serve as non-executive chairman of the board following the company's May 20 annual shareholder meeting. A non-executive chairman does not occupy a management position in the company. 

Walter succeeds David C. Novak, 63, who announced on Jan. 5 his plan to retire as executive chairman and step down from the board, according to a company press release. Novak had retired as CEO of YUM in January 2015, succeeded by Greg Creed, the current CEO.

"We thank David Novak for his many significant contributions to Yum! Brands over the years he served as chief executive officer and chairman," Creed said. "His dynamic leadership created a global powerhouse restaurant company, with a world-renowned culture and a performance orientation that well-rewarded shareholders over time. As co-founder he is the visionary leader who made YUM the great Company it is today, and we will forever be grateful to him as we take the business forward."

"At the same time, I'm enormously pleased that Bob Walter has agreed to become non-executive chairman of YUM, ensuring a smooth transition of the board's leadership" Creed added. "Bob is extraordinarily accomplished and has served on the board since 2006, currently as lead director. He has brought a unique business perspective to our board from his time founding and growing Cardinal Health, one of the nation's largest corporations. Bob will make an outstanding non-executive chairman of Yum! Brands."

Walter, who is currently the lead director, has served on Yum! Brands board since 2006. He is the founder of Cardinal Health, a company that provides products and services supporting the health care industry. Prior to his retirement from Cardinal Health in June 2008, Walter served as executive director from November 2007 to June 2008. From April 2006 to November 2007, he served as executive chairman of the board of Cardinal Health. From 1979 to April 2006, he served as chairman and CEO of Cardinal Health. Walter also serves as a director of American Express Company and Nordstrom. From 2000 to 2007, he was a director of CBS Corporation and its predecessor, Viacom Inc.