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
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On April20, 2017, Mr.Edwin Ted Stedem notified Yum China
Holdings, Inc. (the Company) that he intends to resign as Chief
Financial Officer of the Company, effective June1, 2017.
The Board has appointed Mr.Jacky Lo, the Companys Vice President,
Controller and principal accounting officer, as its interim Chief
Financial Officer, effective June1, 2017. Mr.Lo will serve as
interim Chief Financial Officer until a successor is named. The
Company is in the process of conducting a search for Chief
Financial Officer and will name that successor at the completion
of the search.
Mr.Lo, 40, has been serving as Vice President, Controller and
principal accounting officer of the Company since March 2017 and
he will continue to serve in this position while serving as the
interim Chief Financial Officer and principal financial officer.
Mr.Lo previously served as Vice President, Finance of the
Company, a position he held from October 2016 to March 2017.
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 Youngs 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
|Item7.01.||Regulation FD Disclosure.|
A copy of the press release announcing the resignation and
appointment described in Item 5.02 is attached as Exhibit 99.1 to
this Current Report on Form 8-K.
A copy of the resignation letter of Ted Stedem is attached as
Exhibit 99.2 to this Current Report on Form 8-K.
|Item9.01.||Financial Statements and Exhibits.|
The following exhibits are furnished with this report:
Press Release of Yum China Holdings, Inc. issued on April21,
|99.2||Resignation Letter of Ted Stedem dated April20, 2017.|
About Yum China Holdings, Inc. (NYSE:YUMC)
Yum China Holdings, Inc. is a restaurant company. The Company’s segments include KFC, Pizza Hut Casual Dining, and All Other Segments, including Pizza Hut Home Service, East Dawning, Little Sheep and Taco Bell. As of December 31, 2016, the Company had over 7,500 restaurants in China. Its restaurant base consists of various restaurant concepts. The Company’s restaurants in each of its concept offer consumers the ability to dine in and/or carry out food. In addition, KFC, Pizza Hut Casual Dining, Pizza Hut Home Service and East Dawning offer delivery service. KFC is the quick-service restaurant (QSR) brand. Pizza Hut Casual Dining is the casual dining restaurant (CDR) brand. As of December 31, 2016, the Company had over 360 Pizza Hut Home Service units in over 50 cities in China. The Little Sheep concept specializes in Hot Pot cooking. East Dawning is a Chinese food QSR brand. Taco Bell is a QSR brand specializing in Mexican-style food. Yum China Holdings, Inc. (NYSE:YUMC) Recent Trading Information
Yum China Holdings, Inc. (NYSE:YUMC) closed its last trading session down -0.33 at 32.75 with 3,096,374 shares trading hands.