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In the publication's fourth annual listing, investors and brokerage firm analysts identified the top CEOs in 62 industries, according to bizjournals.com.
Institutional Investor surveyed more than 1,700 investment professionals at about 475 firms.
Novak was at the helm when Louisville-based Tricon Global Restaurants Inc., already the world's largest operator of quick-service restaurants, acquired Lexington, Ky.-based Yorkshire Global Restaurants and became Yum Brands in 2002.
Novak signed an agreement last year to stay with Yum until October 2007.
The results of Institutional Investor's survey appear in the magazine's January issue.