Dive Brief:
- Yum Brands CFO and Chief Franchise Officer Chris Turner is set to receive an annual base salary of $1.1 million when he becomes CEO of the multinational restaurant giant, effective October 1, according to a Tuesday securities filing.
- A six-year veteran of the Louisville, Kentucky-based company, which owns such fast-food restaurant chains as Taco Bell, Pizza Hut, and KFC, Turner will succeed CEO David Gibbs, according to a Tuesday press release. Gibbs, who logged a 37-year career at the business, including a five-year tenure as CFO, in March informed the board he would retire, the company said. Gibbs will remain in the top executive chair until Sept. 30, and will remain as an advisor until 2026 to ensure a smooth transition, according to the release.
- “I’m deeply honored to be named the next CEO of Yum! Brands. It is truly humbling to be given the opportunity to lead this remarkable company and our iconic brands,” Turner wrote in a Tuesday post on his LinkedIn profile.“Yum!’s success is a testament to what we can achieve when we foster a truly collaborative culture. David leaves a legacy of partnership, and I’m committed to sustaining and strengthening that spirit in the years ahead.”
Dive Insight:
Turner, 50, joined the company as its CFO in 2019 and took on the additional position of chief franchise officer in 2024, according to the Tuesday press release. Prior to joining Yum, Turner served in a variety of executive roles at beverage firm PepsiCo, including as its SVP and GM, global Walmart Service Team, according to his LinkedIn profile.
In addition to his $1.1 million base salary, Turner will also receive an annual cash bonus with a target value of 200% of his base salary, and a maximum value of equal to three times his target bonus, the company said in its Tuesday filing with the Securities and Exchange Commission.
He will also receive a long-term equity incentive award with an aggregate value of $1.5 million for 2025, made up of stock appreciation rights (25%), restricted stock units (25%) and performance share units (50%) covering the 2025-2027 performance period, according to the filing. His long-term equity award for 2026 is expected to have an aggregate value of $10.1 million, comprised of RSUs, PSUs and stock appreciation rights in the same proportions, according to the filing.
The CEO announcement comes after the restaurant brand operator reported total revenues of $1.7 billion, a 12% jump YoY, for its most recent quarter ended March 31. Meanwhile, its net income fell 19% to $253 million, according to its earnings results.
The company has also announced a number of sweeping changes and initiatives this year, including plans to create two new headquarters in Irvine, California and Plano, Texas, the company said in a February press release.
Yum has also taken several steps to integrate artificial intelligence technologies further into its restaurants, announcing a partnership with chipmaker NVIDIA in March to “accelerate the development of innovative AI technologies for Yum! restaurants around the globe,” according to a press release at the time.
During his tenure as CFO, Turner was “instrumental in driving bold actions that leverage Yum!’s scale,” including accelerating its digital and technology transformation efforts, the company said.
That included helping to foster projects such as its “Byte by Yum!” offering, an AI-powered platform the restaurant operator launched in February. The platform, which can be utilized by franchises including KFC, Taco Bell, Pizza Hut and Habit Burger & Grill, aggregates features such as online and mobile ordering, inventory and labor management and menu management into one place for franchisees.
The Byte by Yum! platform has already delivered results, CEO Gibbs said during the company’s first quarter earnings call on April 30, noting the company saw a 12% increase in digital sales year-over-year for the quarter, according to a transcript on Seeking Alpha.
Yum Brands declined to comment beyond its press release.
