SHANGHAI, Aug. 5, 2024
/PRNewswire/ -- Yum China Holdings, Inc. (NYSE: YUMC and HKEX:
9987) (the "Company" or "Yum China")
today announced that Andy Yeung, who
has served as the Company's Chief Financial Officer since
October 2019, intends to resign as
the Company's Chief Financial Officer for personal
reasons. Andy will step down as the Company's Chief Financial
Officer, effective September 30,
2024, and will serve as Senior Advisor to the Company's
Chief Executive Officer from October 1,
2024 to February 28, 2025.
Adrian Ding, who has been with the
Company since March 2019 and
currently serves as the Company's Chief Investment Officer and
General Manager of the Company's Lavazza joint venture,
has been appointed as Acting Chief Financial Officer of the
Company, effective October 1,
2024.
"On behalf of the Board of Directors and management, I would
like to extend our heartfelt gratitude to Andy for all his
contributions to the Company. Shortly after joining us in 2019,
Andy played a critical role as a core member of the leadership team
throughout the pandemic. His efforts were instrumental in enhancing
the Company's financial strength, establishing robust cost
discipline and supporting our growth strategy. He also successfully
led the completion of our listing in Hong
Kong. Under his leadership, the finance team further
strengthened its capabilities and upgraded systems and processes in
key areas. We wish Andy all the best in his future endeavors." said
Joey Wat, CEO of Yum China.
"I am pleased to announce the appointment of Adrian as our
Acting CFO," Wat commented. "Over the past five years, Adrian
has led multiple investment and capital markets projects to
enhance our portfolio and organizational strengths, including the
acquisitions of KFC joint venture stakes and strategic
investments in supply chain, technology, and other strategic
areas. He also played a critical role to drive our listing project
in Hong Kong. Adrian was
instrumental in establishing the Lavazza joint venture and building
the Lavazza business in China.
With his financial and operational expertise, I am confident that
Adrian will continue to drive our strategy and support our growth
objectives to create value for our shareholders."
Adrian Ding joined the Company in
March 2019 as Vice President of
Corporate Finance. He has served as Chief Investment Officer of the
Company since February 2020 and
additionally as General Manager of the Company's Lavazza joint
venture since March 2022. Prior to
joining the Company, Mr. Ding worked for Alibaba Group Holding
Limited from 2018 to early 2019, responsible for strategic
investments in the technology and media sectors. Before that, Mr.
Ding gained extensive experience in investment banking, having
advised clients on a number of capital markets and M&A
projects. Mr. Ding worked at UBS AG as a Director in Investment
Banking. He also previously worked at Morgan Stanley and
Citigroup Global Markets Asia Limited. Mr. Ding currently serves as
a director of Fujian Sunner Development Co., Ltd. (Shenzhen Stock
Exchange: 002299). Mr. Ding obtained a master's degree in business
administration (MBA) from Columbia Business
School, and a bachelor's degree in quantitative finance from
Hong Kong University of Science and
Technology.
Yum China also announced today
the appointment of Ms. Mikel A. Durham to the Board of
Directors, effective August 12, 2024.
In connection with the appointment, the size of
the Board of Directors was increased
to 12 directors, ten of whom are independent.
"We are delighted to welcome Mikel to our Board
of Directors," said Yum China's
Chairman Dr. Fred Hu. "With her deep
knowledge of the food industry, significant public company
board experience, and global business expertise, I am confident
that Mikel will add great value to our Board and to Yum China."
Joey Wat, CEO of Yum China commented, "On behalf of the
management team, I extend a warm welcome to Mikel. Mikel's
extensive experience in growing powerful brands, developing
innovative products, and driving success will be invaluable as we
continue to execute our RGM 2.0 strategy (Resilience, Growth,
Moat, with a focus on growth). I trust that her expertise and
guidance will inspire us as we navigate the exciting opportunities
that lie ahead."
Mikel A. Durham served as CEO of
American Seafoods Group, a world's leading at-sea processor of
seafood, from January 2017 to
February 2022. She also chaired the
trade association for Wild Alaska Pollock, the largest global
fishery for human consumption. Ms. Durham served as the global
chief commercial officer of the private equity backed CSM Bakery
Solutions, a global bakery supply manufacturer, from 2014 to 2016.
Prior to joining CSM Bakery Solutions, Ms. Durham held various
positions in PepsiCo, Inc. from 1994 to 1998 and from 2009 to 2013,
with her last position being global growth officer for PepsiCo
Foodservice. She also held executive roles at CEB Global Inc. in operations research from 2006 to
2008, Cadbury Schweppes in supply chain from 2002 to 2006, and
Diageo in general management of
both packaged goods and foodservice from 1998 to 2001 (including
serving as president of Burger King North America from 2000 to
2001). From 1985 to 1994, Ms. Durham worked at Bain & Company,
where she served in several roles working in the United States, United Kingdom and Australia, and from 1992 to 1994, co-leading
the Russian office. Ms. Durham has served as an independent
director of Tyson Foods, Inc. (NYSE: TSN) since 2015, and
currently serves on the Strategy and Acquisition Committee and the
Audit Committee of Tyson Foods, Inc. Since 2023, she has served on the board of the Marine Stewardship
Council. Ms. Durham obtained a master's degree of business
administration (MBA) from the Harvard
University in 1990.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. We intend all
forward-looking statements to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by the fact
that they do not relate strictly to historical or current facts and
by the use of forward-looking words such as "expect,"
"expectation," "believe," "anticipate," "may," "could," "intend,"
"belief," "plan," "estimate," "target," "predict," "project,"
"likely," "will," "continue," "should," "forecast," "outlook,"
"commit" or similar terminology. These statements are based on
current estimates and assumptions made by us in light of our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we
believe are appropriate and reasonable under the circumstances, but
there can be no assurance that such estimates and assumptions will
prove to be correct. Forward-looking statements are not guarantees
of performance and are inherently subject to known and unknown
risks and uncertainties that are difficult to predict and could
cause our actual results or events to differ materially from those
indicated by those statements. We cannot assure you that any of our
expectations, estimates or assumptions will be achieved. The
forward-looking statements included in this press release are only
made as of the date of this press release, and we disclaim any
obligation to publicly update any forward-looking statement to
reflect subsequent events or circumstances, except as required by
law. Numerous factors could cause our actual results or events to
differ materially from those expressed or implied by
forward-looking statements. In addition, other risks and
uncertainties not presently known to us or that we currently
believe to be immaterial could affect the accuracy of any such
forward-looking statements. All forward-looking statements should
be evaluated with the understanding of their inherent uncertainty.
You should consult our filings with the Securities and Exchange
Commission (including the information set forth under the captions
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our Annual Report
on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for
additional detail about factors that could affect our financial and
other results.
About Yum China Holdings, Inc.
Yum China is the largest
restaurant company in China with a
mission to make every life taste beautiful. The Company has
approximately 400,000 employees and operates over 15,000
restaurants under six brands across more than 2,100 cities in
China. KFC and Pizza Hut are the
leading brands in the quick-service and casual dining restaurant
spaces in China, respectively. In
addition, Yum China has partnered
with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine.
Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply
chain, which includes an extensive network of logistics centers
nationwide and an in-house supply chain management system. Its
strong digital capabilities and loyalty program enable the Company
to reach customers faster and serve them better. Yum China is a Fortune 500 company with the
vision to be the world's most innovative pioneer in the restaurant
industry. For more information, please visit
http://ir.yumchina.com.
Contacts
Investor Relations Contact:
Tel: +86 21 2407 7556
IR@YumChina.com
Media Contact:
Tel: +86 21 2407 8288 / +852 2267 5807
Media@YumChina.com
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SOURCE Yum China Holdings, Inc.