Yum Brands chairman to retire in May

LOUISVILLE, Ky. (AP) – Yum Brands Inc. Chairman David Novak will retire in May, ending a three-decade career with the restaurant giant. The Louisville, Kentucky, company said Tuesday it plans to name one of its board members to succeed Novak at its annual meeting in May.
Novak, 63, began his tenure with the company in 1986 as the marketing chief for Pizza Hut when the chain was still owned by PepsiCo. When PepsiCo spun off KFC, Pizza Hut and Taco Bell in 1997, Novak became vice chairman and president of the new company. He was named CEO of Yum Brands in 1999 and chairman in 2000. Greg Creed was named CEO last year.
Yum plans to split off its China business later this year. Shares of Yum Brands closed down 18 cents at $72.03.

Copyright 2016 The Associated Press.