Yum! Names Taco Bell Head Greg Creed As Next CEO

(RTTNews) - Yum! Brands Inc. (YUM) Thursday said Greg Creed, head of Taco Bell, will replace David Novak on January 1, 2015 as its new CEO.

Novak, 61, who has been at the top of Yum since 1999, will become Executive Chairman on January 1, 2015, transitioning from his current role. Novak will also form the Office of the Chairman, which will include Creed and Sam Su, YUM Brands Vice-Chairman and Chairman/CEO of the YUM China Division.

"This new Office of the Chairman will partner as a triumvirate on overall corporate strategy and leadership development to propel continued growth," said Novak.

Greg Creed was appointed CEO of Taco Bell in early 2011 after serving as President and Chief Concept Officer for Taco Bell Corp. In his earlier stints, Creed has served as Chief Operating Officer of Yum Brands and Chief Marketing Officer of Taco Bell.

"We're equally confident Greg Creed will make an outstanding successor to David as CEO. With David, Greg and Sam in the Office of the Chairman, we are fortunate to have three tremendous leaders sharing experiences and know-how to satisfy our customers and benefit our shareholders," said Independent Director Tom Ryan.

Yum Brands, the parent company of Taco Bell, KFC and Pizza Hut, operates more than 40,000 restaurants in 125 countries.

YUM is currently trading at $76.06, down $0.93 or 1.21%, on the NYSE.