LOUISVILLE, KY, June 26, 2003 – Yum! Brands, Inc. has been named one of Fortune magazine’s “50 Best Companies for Minorities” for its comprehensive results across key diversity measures.
The survey, which appears in FORTUNE’s July 7 issue, measures minority representation throughout the organization including Board of Directors and top 50 paid executives, purchasing from minority firms, diversity training, recruitment and retention, and charitable contributions to minority organizations, among other categories.
Yum! Brands, parent company of A&W All-American Food, KFC, Long John Silver’s, Pizza Hut and Taco Bell, tops the list for managerial diversity and is also ranked among the top ten companies having the highest percentage of African-American employees. Fifty-four percent of the company’s U.S. workforce are minorities as well as 53 percent of the company’s recent hires.
“Yum! Brand’s commitment to diversity helps drive all aspects of our business,” said David Novak, Chairman and CEO, Yum! Brands. The company’s formula for success puts people capability first because satisfied customers and profitability follow.
“We’re excited that our global culture is actively developing a workforce that’s diverse in style and background, where everyone can truly make a difference. Building on our diverse foundation at all of our brands gives us a competitive edge and helps drive customer mania,” said Novak. Yum!’s diversity strategy includes leadership development, franchising, purchasing and community involvement.
FORTUNE highlights Yum!’s philanthropy efforts targeting minorities. Last year, the company nearly tripled its minority community giving and employee volunteer involvement through programs such as Louisville-based Dare to Care Food Bank. Yum! Brands Foundation made a $1 million annual commitment to the organization, two-thirds of which will help reach an additional 46,000 hungry children in underserved minority communities.
The company and its franchise partners also support community leaders such as the NAACP, National Urban League, National Council of LaRaza, League of United Latin American Citizens, MultiCultural Foodservice and Hospitality Alliance, National Minority Supplier Development Council, National Minority Franchising Initiative, the American Indian College Fund and the U.S. Pan Asian American Chamber of Commerce.
Yum! Brands, Inc., based in Louisville, Kentucky, is the world’s largest restaurant company in terms of system units with nearly 33,000 restaurants in more than 100 countries and territories. Four of the company’s restaurant brands — KFC, Pizza Hut, Taco Bell and Long John Silver’s — are the global leaders of the chicken, pizza, Mexican-style food and quick service seafood categories, respectively. Since 1919, A&W All-American Food has been serving a signature frosty mug root beer float and all-American pure-beef hamburgers and hot dogs, making it the longest running quick service franchise chain in America. Yum! Brands is the worldwide leader in multibranding, offering consumers more choice and convenience at one restaurant location from a combination of KFC, Taco Bell, Pizza Hut, A&W All American Food or Long John Silver’s brands. The Company and its franchisees today operate over 2,000 multibranded restaurants worldwide generating nearly $2 billion in annual system sales. The Company and its franchisees have over 1,800 multibranded restaurants in the U.S., representing nearly 10% of its total traditional domestic units. Outside of the United States in 2002, the Yum! Brands’ system opened about three new restaurants each day of the year, making it one of the fastest growing retailers in the world. In 2002, the Company changed its name to Yum! Brands, Inc. from Tricon Global Restaurants to reflect its expanding portfolio of brands and its ticker symbol on the New York Stock Exchange.