Investors Say “Yum” To Tricon Stock

30,000 KFC, Pizza Hut and Taco Bell Restaurants have spun off from PepsiCo to become world’s largest restaurant company. Live satellite telecast to 100 cities around the world unites one-half million KFC, Pizza Hut, and Taco Bell employeesLOUISVILLE, KY, October 07, 1997 – Quick-Service Restaurant (QSR) history was made today at 9:30 a.m. EST when Tricon Global Restaurants, Inc. officially began trading shares of common stock on the New York Stock Exchange under the symbol “YUM” (NYSE: YUM). The company completed its spin-off from PepsiCo, Inc. at the close of business yesterday and stock has been trading on a when-issued basis since September 17th.

Today, Tricon officially becomes the world’s largest restaurant company in terms of units with nearly 30,000 KFC, Pizza Hut and Taco Bell restaurants worldwide, $10 billion in revenue and $20 billion in system-wide sales. Tricon is the worldwide leader in the chicken, pizza and Mexican food categories. Twenty-five million customers visit Tricon restaurants around the globe each day in 95 countries.

“This is a landmark day for Tricon, our more than 500,000 dedicated ‘founding’ employees, franchisees and shareholders,” said Andrall E. Pearson, Chairman and CEO. “Tricon will be a dynamic competitor in the marketplace with three of the strongest restaurant concepts in the world, making us one great restaurant company.”

“We are creating a special culture and spirit that appeals to our customers, our shareholders and our employees. Our goal is to have a company where people come to work every day excited about their jobs, committed to outstanding results and with a sense of ownership in everything they do,” Pearson added.

“Our recipe for success starts with the belief that everything we do is about putting a ‘YUM’ on people’s faces, giving them the food they crave at comeback prices, combined with customer-focused teams who deliver service second to none,” said David C. Novak, Vice Chairman and President.

“Tricon will be known for great operations, marketing innovation, delivering the highest quality food, and superior service by responding to the voice of the customer, not just listening to them.

We are creating a world class restaurant-based culture that puts people first. Our stores are run by people who know and love the restaurant business, our Restaurant General Managers are our number one leaders, our franchisees are our most important partners and our top fifty executives have an average ten years in the restaurant business,” added Novak.

In another industry first, the Tricon stock certificate features portrait engravings of KFC, Pizza Hut and Taco Bell Restaurant General Managers with the inscription, “Restaurant General Manager is #1,” reinforcing the importance of the Company’s frontline employees. All headquarter facilities have been renamed as “Restaurant Support Centers” to underscore this point.

Founders’ Day Celebration
Thousands of KFC, Pizza Hut and Taco Bell employees, franchisees and licensees around the world will be united for the first time today when they participate in a special, “Founders’ Day” celebration that includes a worldwide satellite teleconference from Louisville, KY between 2:30 p.m. and 4:30 p.m. EST.

“Our Founders’ Day celebration marks a great beginning to our $20-billion restaurant company,” said Novak. “This is the first time that our restaurant management and franchisees from all four companies, around the world, are united in a single, powerful, common goal, to become one team, building a bright future for Tricon. There is no better way to align our entire system around Tricon’s ‘Founding Truths’ which are:

People Capability First…satisfied customers and profitability follow,
Respond to the Voice of the Customer…not just listen
The RGM is Our #1 Leader…not senior management
Run Each Restaurant Like It’s Our Only One…avoid the trap of the averages
Recognition Shows You Care…people leave when you don’t
Great Operations and Marketing Innovation Drive Sales…no finger pointing
Operation Discipline Thru Process and Standards…consistency – not” program of the month”
Franchisees are Vital Assets…operate as one system not two
Quality in Everything We Do…”especially the food”

Nearly 100 cities will host individual celebrations while they receive live broadcasts sharing the future vision of Tricon executives, including: Andrall E. Pearson, Chairman and CEO; David C. Novak, Vice-Chairman and President; Pete Bassi, President, TRI; Jeff Moody, President and Chief Concept Officer, KFC; Mike Rawlings, President and Chief Concept Officer, Pizza Hut and Peter Waller, President and Chief Concept Officer, Taco Bell Corp.

Tricon Global Restaurants, Inc. will comprise nearly 30,000 company-owned and franchised restaurants in 95 countries. The Company’s brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the pizza, chicken and Mexican restaurant categories, respectively. Total worldwide system retail sales for the chains were more than $20 billion in 1996. Starting today, consumers can visit Tricon Global Restaurants, Inc. on the internet at www.triconglobal.com.

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