Yum China Holdings, Inc. (NYSE:YUMC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 9, 2017, Yum China Holdings, Inc. (the “Company”) announced the appointment of Jacky Lo as Vice President, Controller and Principal Accounting Officer of the Company, effective on March 9, 2017. Paul Hill, who previously served as Vice President, Controller and Principal Accounting Officer of the Company, resigned from that position effective on March 9, 2017.

Mr. Lo, age 39, previously served as Vice President, Finance of the Company, a position he held since October 2016. Mr. Lo joined Yum! Restaurants China, a division of Yum! Brands, Inc. (“YUM”), in August 2016 as Vice President, Finance. Prior to joining YUM, Mr. Lo worked for Ernst & Young for 15 years, including most recently as Partner and the Deputy Director in the Asia Pacific Capital Markets Center of Ernst & Young’s Professional Practice Group, specializing in U.S. generally accepted accounting principles, SEC reporting and Sarbanes Oxley compliance requirements. Mr. Lo is a certified public accountant in Texas and a member of both the American Institute of Certified Public Accountants and the Hong Kong Institute of Certified Public Accountants.

In connection with the appointment, the board of directors of the Company approved an increase in Mr. Lo’s annual base salary from HK$ 2,350,680 to HK$ 2,571,600, and an increase in his annual performance-based cash bonus target from 40% to 50% of his annual base salary. Mr. Lo is also eligible to participate in the Company’s long term incentive program and other benefit programs on the same basis as the Company’s other officers. Also in connection with his appointment, Mr. Lo agreed to a non-solicitation covenant for a period of three months following the termination of his employment with the Company.

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About Yum China Holdings, Inc. (NYSE:YUMC)

Yum China Holdings, Inc. is a restaurant company with approximately 7,200 restaurants. The Company’s restaurant base consists of restaurant brands, including KFC, Pizza Hut Casual Dining, Pizza Hut Home Service, East Dawning and Little Sheep. The Company’s segments are KFC, Pizza Hut Casual Dining and All Other Segments, which include Pizza Hut Home Service, East Dawning and Little Sheep. KFC is the Quick-Service Restaurant (QSR) brand in China. In addition to original recipe chicken, KFC in China has a menu featuring pork, beef, seafood, rice dishes, fresh vegetables, soups, breakfast, desserts, and many other products, including coffee. Pizza Hut Casual Dining is the Casual Dining Restaurant (CDR) brand. Little Sheep is a casual-dining brand. Little Sheep specializes in Hot Pot cooking. East Dawning is a Chinese food quick-service restaurant brand, primarily located in coastal cities. As of December 31, 2015, KFC operates over 5,000 restaurants in over 1,100 cities across China.

Yum China Holdings, Inc. (NYSE:YUMC) Recent Trading Information

Yum China Holdings, Inc. (NYSE:YUMC) closed its last trading session down -0.18 at 26.20 with 1,311,285 shares trading hands.