Yum! Brands Announces Leadership Transition Plans; David Gibbs to Retire in 2026

Rhea-AI Summary

Yum! Brands (NYSE: YUM) announced that CEO David Gibbs plans to retire in the first quarter of 2026 after a 36-year tenure with the company. The Board has established a succession planning committee to identify and appoint the next CEO, with Gibbs continuing to lead during the transition.

Under Gibbs' leadership as CEO since January 2020, the company achieved significant milestones including:

• Digital sales exceeding $30 billion in 2024, representing over 50% of total sales
• Tripled pace of annual net new unit development
• Expanded to more than 61,000 restaurant units worldwide

During his CEO tenure, Gibbs focused on digital transformation, development engine growth, and maintaining strong shareholder returns while successfully navigating through the COVID-19 pandemic and complex operating conditions.

Positive

• Digital sales reached $30 billion in 2024, representing over 50% of total sales
• Tripled pace of annual net new unit development
• Expanded restaurant footprint to over 61,000 units worldwide
• Planned orderly CEO transition with ample notice period

Negative

• Upcoming leadership change creates potential operational uncertainty
• Succession process may distract from business execution

The Board of Directors is Conducting a Thorough Succession Planning Process

LOUISVILLE, Ky.--(BUSINESS WIRE)--

Yum! Brands, Inc. (NYSE: YUM) today announced that David Gibbs, Chief Executive Officer, has informed the Board of Directors of his intention to retire from the Company in the next year.

Yum! Brands, Inc. (NYSE: YUM) today announced that David Gibbs, Chief Executive Officer, has informed the Board of Directors of his intention to retire from the Company in the next year. The Board has established a succession planning committee and will work deliberately to identify and appoint the best candidate to lead the company’s next chapter. Gibbs will continue leading the company throughout the search process until his retirement, expected in the first quarter of 2026.

The Board has established a succession planning committee and will work deliberately to identify and appoint the best candidate to lead the company’s next chapter. Gibbs will continue leading the company throughout the search process until his retirement, expected in the first quarter of 2026.

“During my time as CEO and throughout my 36 years with Yum! Brands, it has been an honor to work alongside this incredibly talented team and our dedicated franchisees to build the most loved, trusted, and connected restaurant brands around the world,” said Gibbs. “I set out to strengthen and broaden the appeal of our iconic brands, build industry-leading digital capabilities, dramatically accelerate the pace of profitable new unit development, and amplify our people-first culture. I am pleased with the progress we have made on all fronts and know that Yum! Brands is now stronger and more resilient than ever. I look forward to supporting the next CEO candidate and ensuring the company is set up for continued success. In the meantime, my focus remains on executing our strategy and delivering against our growth commitments.”

Gibbs has served as Yum! Brands’ CEO since January 2020. As CEO, Gibbs focused on leading the company’s digital transformation, building the Company’s development engine and delivering strong shareholder returns powered by a people-first culture of collaboration. Simultaneously, Gibbs also successfully navigated the Company through the COVID-19 pandemic and an increasingly complex operating environment, making the Company a top performer in the restaurant industry. During Gibbs’ tenure, digital sales surpassed $30 billion in 2024 with over 50% of sales through digital channels and the pace of annual net new unit development tripled, leading to more than 61,000 restaurant units worldwide.

“Along with the entire Board of Directors, I commend David for his dedication to Yum! Brands and applaud his transformative impact on the company – not just in his time as CEO, but throughout the entirety of his nearly four-decade career with Yum! Brands,” said Brian Cornell, Non-Executive Chairman of the Yum! Brands Board of Directors and Chairman and CEO of Target Corporation. “The Board is committed to overseeing a thorough succession planning process and appreciates David’s continued leadership of the business as well as the ample timeline provided to ensure a seamless leadership transition.”

About Yum! Brands

Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of over 61,000 restaurants in more than 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. The Company's KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired food, and pizza categories, respectively. Habit Burger & Grill is a fast casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2024, Yum! was named to the Dow Jones Sustainability Index North America, Newsweek’s list of America’s Most Responsible Companies, USA Today’s America’s Climate Leaders and 3BL’s list of 100 Best Corporate Citizens. In 2025, the Company was recognized among TIME magazine’s list of Best Companies for Future Leaders. In addition, KFC, Taco Bell and Pizza Hut led Entrepreneur's Top Global Franchises 2024 list and were ranked in the first 25 of Entrepreneur’s 2025 Franchise 500, with Taco Bell securing the No. 1 spot in North America for the fifth consecutive year.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250331870458/en/

Yum! Brands

YumPublicRelations@yum.com

(502) 874-8200

Source: Yum! Brands, Inc.

FAQ

When will Yum! Brands CEO David Gibbs retire from his position?

David Gibbs will retire in the first quarter of 2026.

What were the key achievements of YUM under David Gibbs' leadership?

Under Gibbs, YUM achieved $30B+ in digital sales (50% of total), tripled new unit development, and expanded to 61,000+ restaurants worldwide.

How long has David Gibbs been with YUM Brands?

David Gibbs has been with Yum! Brands for 36 years, serving as CEO since January 2020.

What is YUM's succession plan for the CEO position?

The Board has established a succession planning committee to identify and appoint the next CEO while Gibbs continues leading during the transition.

What percentage of YUM's sales came from digital channels in 2024?

Over 50% of Yum! Brands' sales came through digital channels in 2024, exceeding $30 billion.