Yum! Brands Inc. (NYSE:YUM), Chief Financial Officer Patrick Grismer will resign effectively on Feb 19th, 2016. He will stay CFO for now to help finalize Yum’s FY15 10-K. Yum also announced that Grismer will present at the company’s investor conference on Dec, 10th in Plano, Texas.
Patrick Grismer, aged 53, has served as Chief Financial Officer since 2012. Prior to that, he held a number of senior finance and planning positions within the company. “This was a difficult personal decision for me, as this is an exciting time for the Company as it embarks on its strategic transformation,” Grismer said in the release. “I’m confident that both Yum! And Yum!China will capitalize on the excellent growth opportunities ahead.”
“Pat has added tremendous value as CFO of our company and has been an excellent partner to me,” Yum CEO Greg Creed said in the release. “I respect his personal decision to move to be geographically closer to family members, and I wish him all the best. Yum! is based in Louisville, Kentucky, is one of the world’s largest restaurant companies with over 41,000 restaurants in more than 125 countries and territories. Yum is the parent of KFC, Pizza Hut and Taco Bell.
Grismer is leaving amid a major shift in the company’s operations. Yum Brands is spinning off its China operations, which accounts for roughly 35 percent of its global profit. In October, Yum announced that it would split into two public traded companies. Yum will conduct an internal and external search for a successor. No timeline was given on when the company hopes to name a replacement. On Monday, Yum! Share price dropped sharply early in the morning from $76.14 per share to $75.01 per share but recovered and ended at $76.41 in extended trading.