Yum! Brands said that board member and Corvex Management LP Managing Director Keith A. Meister is leaving the company's governing body, effective immediately, according to a news release.
Meister said that with the spin-off of Yum China complete along with the company capital structure, management team and plans for systemic transformation in place, he believes the Louisville-based foodservice concern is "set up for great success."
"Yum Brands has been and will continue to remain one of my firm’s largest holdings, as we see iconic brands, an improving business model and significant free cash flow growth with a high degree of visibility," he said in the news release. "I want to thank David Novak, Bob Walter, Greg Creed, and the entire Yum board for giving me the opportunity to serve."
Last year, the brand not only separated from Yum China, but also launched a new multi-year strategic transformation plan to increase efficiency and franchise ownership in its KFC, Pizza Hut and Taco Bell brands worldwide.
"Keith has been an invaluable member of the Board as we have undergone a dramatic transformation," Non-Executive Yum Brands Chairman Bob Walter said in a news release. "His fresh perspectives and his focus on shareholder value were instrumental in helping to develop the company’s current structure and multi‐year growth plan."