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.
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Departure of Directors or Certain Officers; Election of |
On February 7, 2017, Yum China Holdings, Inc. (the Company)
announced the appointment of Joey Wat, currently the Chief
Executive Officer of KFC, to the position of President and Chief
Operating Officer of the Company, effectiveFebruary 8, 2017.
Joey Wat, age 45, previously served as Chief Executive Officer of
the Companys KFC business, a position she held since October
2016.Ms. Wat joined Yum! Restaurants China, a division of Yum!
Brands, Inc. (YUM), in September 2014 as President of KFC China
and was promoted to Chief Executive Officer of KFC China in
August 2015. Before joining YUM, Ms. Wat served in both
management and strategy positions at AS Watson of Hutchinson
Group (Watson) in the U.K. from 2004 to 2014. Her last position
at Watson was Managing Director of Watson U.K. from 2012 to 2014,
which operates Superdrug and Savers, two retail chains
specializing in the sale of pharmacy and health and beauty
products. She made the transition from Head of Strategy of Watson
in Europe to Managing Director of Savers in 2007.
In connection with Ms. Wats appointment, the board of directors
of the Company (the Board) approved an increase in Ms. Wats
annual base salary from $628,000 to $750,000 and an increase in
her annual performance-based cash bonus target from 85% to 50% of
her annual base salary.The Board also approved a promotion grant
of restricted stock units (RSUs), with a grant date fair value of
$2,000,000.The RSUs cliff vest on the fourth anniversary of the
date of grant, subject to Ms. Wats continued employment through
the vesting date. to the Companys long-term incentive program, in
2017, Ms. Wat will also be eligible to receive stock appreciation
rights (SARs) with a grant date face value of $3,000,000.The SARs
will have a ten-year term and vest in equal annual installments
on each of the first four anniversaries of the date of grant,
subject to Ms. Wats continued employment through the applicable
vesting date.
Item 7.01 Regulation FD Disclosure.
A copy of the press release announcing the appointments described
in Item 5.02 is attached as Exhibit 99.1 to this Current Report
on Form 8-K.
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Item 9.01 |
Financial Statements and Exhibits. |
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(d) |
Exhibits. |
The following exhibits are filed with this report:
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Exhibit No. |
Exhibit Description |
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99.1 |
Press Release of Yum China Holdings, Inc. issued February |
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 -0.19 at 26.96 with 5,458,048 shares trading hands.