Peter Hearl Named Chief People Officer at Tricon Global Restaurants

LOUISVILLE, KY, October 31, 2001 – Tricon Global Restaurants, Inc. (NYSE:YUM) today announced the appointment of Peter Hearl, 50, as Executive Vice President, Chief People Officer. Hearl will report to David Novak, Chairman and Chief Executive Officer, effective January 1, 2002.Hearl replaces Gregg Dedrick, who is leaving the company to become Senior Administrator at his church, fulfilling a personal ambition. Dedrick will continue to work with Tricon’s senior team as a consultant, helping establish the company’s new Leadership Development Council and assist Novak in teaching YUM Leadership courses to company executives and franchisees.

A ten-year restaurant veteran, Hearl, an Australian, most recently served as Executive Vice President of Tricon Restaurants International (TRI), the company’s $7.7 billion international division based in Dallas, TX. TRI is one of Tricon’s strongest growth engines. In 2000, the company opened a record 929 new traditional restaurants outside of the United States, and plans to exceed that new unit opening number this year. Tricon operates over 30,000 restaurants around the globe, of which more than 11,000 are overseas.

“I am very pleased Peter Hearl will be joining Tricon’s senior management as Chief People Officer. His proven leadership skills, operational expertise and multicultural understanding will be invaluable to our entire system as we build the capability of our restaurant teams to satisfy our customers,” said David Novak, Chairman and Chief Executive Officer of Tricon Global Restaurants, Inc. “Peter has a passion for people and has been a champion of our culture around the globe. He also brings an international business savvy to our Human Resources function that will enable us to drive excellence in the more than 100 countries in which we operate,” Novak added. “At the same time, I’d like to thank Gregg Dedrick for his many contributions to our company for over 20 years. Gregg has been an outstanding partner, and I’m delighted he will continue to serve as a consultant to Tricon as he pursues a personal leadership opportunity within his church.”

Since joining the company in 1991, Hearl has risen through the company’s international ranks and has served in a number of operations and general management roles. His responsibilities have included: Operations Director of KFC in Australia, New Zealand and Southern Africa (1991-93), Regional Vice President of KFC in the United Kingdom and Europe (1993-94), Regional Vice President of KFC in the United Kingdom and Southern Africa (1994-1996), Regional Vice President of Pizza Hut and KFC in Australia, New Zealand and Southern Africa (1996-97), Regional Vice President of TRI in Asia-Pacific (1997-98), and EVP of TRI (1998-current). Prior to joining Tricon, Hearl was an executive at Exxon in Australia and the United States for over seventeen years.

Reporting to Hearl are the Chief People Officers at KFC, Pizza Hut, Taco Bell and TRI, and the Vice Presidents of Assets Protection and People Development. Also reporting to Hearl is the Managing Director of TRI’s Mexico operations, enabling Hearl the opportunity to maximize the potential of this high-growth international market. Hearl will relocate to Louisville, Kentucky by year’s end. No successor at TRI will be named, as the company has realigned its business management reporting to TRI’s senior leadership team in Dallas.

Tricon Global Restaurants, Inc., based in Louisville, KY, is the world’s largest restaurant company in terms of system units, with over 30,000 restaurants operating in more than 100 countries and territories. The company’s brands, KFC, Pizza Hut and Taco Bell, are the global leaders of the chicken, pizza and Mexican-style restaurant categories, respectively. Total worldwide system sales exceeded $22 billion in 2000.


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