Bob Walter To Become Non-Executive Chairman Of Yum! Brands Effective May 20, 2016

Replaces David C. Novak, Who Will Retire As Executive Chairman Of The Company At That Time

Louisville, KY, March 8, 2016 – Yum! Brands, Inc. (NYSE:YUM) announced today that Robert D. Walter, 70, was appointed by the Yum! Brands Board to serve as Non-Executive Chairman of the Board following the Company’s May 20, 2016 Annual Meeting of Shareholders. Mr. Walter succeeds David C. Novak, 63, who previously announced on January 5, 2016, his plan to retire as Executive Chairman and step down from the Board at the Annual Shareholder Meeting. Mr. Novak had retired as CEO of YUM in January 2015, succeeded by Greg Creed, the current CEO. Today’s announcement completes Mr. Novak’s retirement plan and ensures a smooth transition of executive leadership of the Company and its Board of Directors.

“We thank David Novak for his many significant contributions to Yum! Brands over the years he served as Chief Executive Officer and Chairman. His dynamic leadership created a global powerhouse restaurant company, with a world-renowned culture and a performance orientation that well-rewarded shareholders over time. As Co-Founder of the Company, he is the visionary leader who made YUM the great Company it is today, and we will forever be grateful to him as we take the business forward,” said Greg Creed, Chief Executive Officer, Yum! Brands.

“At the same time, I’m enormously pleased that Bob Walter has agreed to become Non-Executive Chairman of YUM, ensuring a smooth transition of the Board’s leadership. Bob is extraordinarily accomplished and has served on the Board since 2006, currently as Lead Director. He has brought a unique business perspective to our Board from his time founding and growing Cardinal Health, one of the nation’s largest corporations. Bob will make an outstanding Non-Executive Chairman of Yum! Brands,” Creed added.

Mr. Walter, currently the Board’s Lead Director, has served on Yum! Brands Board since 2006. Mr. Walter is the founder of Cardinal Health, Inc., a company that provides products and services supporting the health care industry. Prior to his retirement from Cardinal Health in June 2008, Mr. Walter served as Executive Director from November 2007 to June 2008. From April 2006 to November 2007, he served as Executive Chairman of the Board of Cardinal Health. From 1979 to April 2006, he served as Chairman and Chief Executive Officer of Cardinal Health. Mr. Walter also serves as a director of American Express Company and Nordstrom, Inc. From 2000 to 2007, he was a director of CBS Corporation and its predecessor, Viacom, Inc.

Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in more than 130 countries and territories. Yum! is ranked #228 on the Fortune 500 List with revenues of over $13 billion in 2015 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

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