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YUM! BRANDS INC. PROMOTES CARUCCI PRESIDENT AND GRISMER CHIEF FINANCIAL OFFICER

  • China and India Divisions as well as Corporate Staff Functions Continue to Report to Chairman and CEO Novak
  • U.S. and International Divisions, Finance and Operations Excellence Will Now Report to Carucci
  • All Corporate Finance Functions and Information Technology Will Now Report to Grismer

LOUISVILLE, KY, April 30, 2012 – Yum! Brands, Inc. (NYSE:YUM) today announced the promotion of Rick Carucci, 54, to President of the Corporation, reporting to Chairman and Chief Executive Officer, David C. Novak. Carucci has served as the Company’s Chief Financial Officer since 2005. Reporting to Carucci will be the leaders of Taco Bell, KFC and Pizza Hut in the U.S., Yum! Restaurants International (YRI) and Corporate Finance. Continuing to report to Novak are the CEOs of China, the Company’s largest, highest growth and most profitable division, and India, a newly formed division designed to capitalize on future growth, as well as the YUM corporate functional leaders. The Company also announced the promotion of Patrick Grismer, 50, to Chief Financial Officer, reporting to Carucci. Grismer has previously served as the Company’s Chief Planning and Control Officer.

“Rick Carucci is an extraordinarily talented executive. He is a strategic thought leader, has great commercial savvy and at the same time, has clearly established himself as a champion of our powerful recognition culture,” said Mr. Novak. “Along with Sam Su, Chairman and CEO of YUM China, Rick is an instrumental partner to me running YUM. Sam Su and I have committed to the YUM Board of Directors that we will continue to be actively involved in the leadership of our Company in the coming years. With Rick Carucci’s promotion, we have created a management triumvirate to best leverage scale and capitalize on our aggressive growth opportunities in emerging markets including China, India, Russia, Africa, France and Germany. These opportunities simply did not exist when we started our Company fifteen years ago,” Novak added. Carucci is a 16 year veteran of the restaurant industry, including senior general management, financial and development roles for Yum! Restaurants International. Before becoming the Company’s CFO in 2005, Carucci served as CFO and head of Development of its International Division. Over the course of his restaurant career, he has had general management responsibility for the Company’s businesses in Canada, Brazil, Puerto Rico, Korea, the Middle East, and North Africa. He is widely credited for the Company’s successful financial and IT strategies, and for increasing its presence internationally, especially in emerging markets.

“At the same time, I’m pleased to announce the promotion of Pat Grismer to become our Chief Financial Officer. Pat has worked closely over the years with Rick Carucci and me and has held a number of senior finance roles that have fully prepared him to become the Corporation’s Chief Financial Officer. We expect a seamless transition,” Novak said. Grismer is a ten-year veteran of the Company, with most immediate responsibility for corporate strategy, planning and control. He previously served in a series of domestic and international finance positions, including Chief Financial Officer of YRI, Corporate Vice President of Strategy and Investor Relations, Chief Financial Officer of Pizza Hut (UK), Vice President of Planning at YRI, and Senior Director of Finance at Taco Bell. Prior to joining the Company, he spent ten years at The Walt Disney Company in a series of finance executive positions, including Vice President of Strategic Planning and New Business Development for The Disneyland Resort. He also served as a senior consultant at Price Waterhouse.

Yum! Brands, Inc., based in Louisville, Kentucky, is the world’s largest restaurant company in terms of system restaurants, with more than 37,000 restaurants operating in 125 countries. KFC, Pizza Hut and Taco Bell are the category leaders of the chicken, pizza and Mexican-style food, respectively. In 2011, the Company added 1,561 new restaurants, primarily in emerging markets, and generated 14% EPS growth, the 10th consecutive year it achieved at least 13% EPS growth.

Release Notice

The releases contained on this page may contain dated information. Readers are cautioned that the releases on this page are maintained here solely for the purposes of providing historical background about Yum! Brands, its business and product offerings. As the releases may contain dated information, they should not be relied upon as providing accurate or current information. Yum! Brands disclaims any intention or obligation to update or revise any of the information contained in any of the releases on this page, whether as a result of new information, future events or otherwise.

Yum! News 2012

November 29, 2012 Yum! Brands Announces Full-Year 2013 Expectations; Reconfirms Full-Year 2012 EPS Growth Forecast of at least 13%; Will Host Investor Update Meeting Thursday, December 6, 2012

October 24, 2012 Muhammad Ali Center Peace Gardens Top 100 Worldwide As Program Kicks-Off Third Year of Offering School Garden Grants That Help Teach Children Multicultural Respect, Hunger Relief and Nutrition; Yum! Brands Foundation Underwrites Peace Garden Initiative as Extension of World Hunger Relief Effort through Partnership with National Gardening Association

October 3, 2012 World Food Programme Ambassador Christina Aguilera and Yum! Brands Chairman David Novak Honored at State Department with George McGovern Leadership Award

October 2, 2012 Yum! Brands Launches Defining Global Volunteer Movement; Hunger to Hope Volunteer Challenge Encourages Local Community Service

September 27, 2012 Yum! Brands, KFC, Pizza Hut and Taco Bell Launch Annual World Hunger Relief Effort with Global Spokesperson Christina Aguilera Using Her Voice for Good in New Public Service Announcement; Aguilera Urges People to Help the Nearly 1 Billion Hungry Worldwide; Visit FromHungertoHope.com

September 25, 2012 Yum! China Celebrates 25th Anniversary and 4,000th KFC Restaurant; Milestone Spotlights Company’s Growth and Leading Position in China

September 24, 2012 Yum! Brands Receives Gold Award for Excellence for “Taking People With You” Employee Leadership Training Program from Prestigious Learning and Development Organization Brandon Hall Group; Building People Capability Drives Culture and Business at World’s Largest Restaurant Company

August 3, 2012 Yum! Brands Chairman and CEO David Novak Receives “2012 CEO of the Year” Honor from Chief Executive Magazine

August 1, 2012 Christina Aguilera Uses Voice for Good in New Public Service Announcement for Yum! Brands’ World Hunger Relief Effort This Fall

June 27, 2012 Chief Executive Magazine Names Yum! Brands’ Chairman and CEO David Novak 2012 CEO of the Year

April 30, 2012 Yum! Brands Inc. Promotes Carucci President and Grismer Chief Financial Officer

April 13, 2012 Tomorrow’s Leaders Find Solutions to Fight World Hunger Today by Leveraging Principles in Yum! Brands Chairman and CEO David Novak’s Bestselling Book: TAKING PEOPLE WITH YOU: The Only Way to Make BIG Things Happen

March 23, 2012 Yum! Brands Inc. Declares Quarterly Dividend of $0.285 per Share Requires Acrobat Reader

January 6, 2012 Little Sheep Shareholders Approve Privatization Proposal

January 3, 2012 Yum! Brands Chairman and CEO David Novak Shares Break-Through Leadership Strategies in New Book, TAKING PEOPLE WITH YOU: The Only Way to Make BIG Things Happen

December 05, 2011 Yum! Brands Announces Full-Year 2012 Expectations; Raises 2011 EPS Growth Forecast to at least 13%, Excluding Special Items; Will Host Investor Update Meeting Wednesday, December 7, 2011