Yum! Brands announced Tuesday that CFO Chris Turner will move up to CEO, effective October 1.
He will succeed David Gibbs, who announced his retirement earlier this year after 37 years with the company. Gibbs will remain CEO until September 30 and serve as an adviser until the end of 2026.
Turner has served as CFO since 2019 and added the role of chief franchise officer in 2024. The executive has played a major role in Yum!’s digital and technological transformation, including the launch of proprietary tech stack Byte by Yum!, the opening of a centralized global Supply Chain Center of Excellence, and the creation of spinoff chicken tender concept Saucy.
He will be responsible for the world’s largest restaurant group, with nearly 61,000 units in more than 155 countries.
“I’m deeply honored to step into the role of CEO at Yum! Brands and incredibly grateful for the opportunity to lead this global company with such iconic brands,” Turner said in a statement. “I want to sincerely thank David Gibbs for his exceptional leadership and partnership. I’m excited to build on all that we’ve accomplished together alongside our talented teams and in partnership with our franchisees around the world, as we innovate, grow our brands and continue delivering exceptional experiences for our consumers.”
Turner will earn a base salary of $1.1 million per year. On top of that, he’s eligible for a yearly cash bonus worth 200 percent of his salary, with the potential to go as high as 300 percent. The actual bonus will depend on how well he and the team perform, and for 2025, it’ll be adjusted to reflect the time he spends in the CEO role.
He’ll also get a long-term stock award valued at $1.5 million for his work as CEO in 2025. That will be split into three parts: 25 percent in stock appreciation rights, 25 percent in restricted stock units, and 50 percent in performance-based shares tied to how the company does from 2025 to 2027.
Prior to joining Yum!, Turner led PepsiCo’s retail and e-commerce business with Walmart in the U.S. and more than 25 countries, and across PepsiCo’s brands in the beverage, snack, and nutrition categories. He also spent more than 13 years with McKinsey & Co., where he served as partner in the firm’s Dallas office and led the service operations practice in North America, the Restaurant Service Line, the Retail Operations team and recruiting for all Southern U.S. offices.
For the past six years, he’s worked closely with Gibbs and the Yum! C-suite to drive growth, shareholder returns, and a people-first culture, according to a news release.
“It has been the privilege of a lifetime to lead Yum! Brands and work with such passionate, talented people across our global system throughout my almost 37 years with the Company,” Gibbs said in a statement. “I’m incredibly proud of what we’ve accomplished together and am confident that the best is yet to come. During my time partnering with Chris, he’s demonstrated deep knowledge of our business, strong values and a clear commitment to our growth. I can’t think of a better person to guide Yum! into its next chapter, and I look forward to supporting a smooth and successful transition.”
Currently, Yum! is a tale of two stories in the U.S.
Taco Bell has proven to be one of the strongest QSR brands in the country, even with inflation impacting consumer spending. U.S. same-store sales rose 9 percent in the first quarter, the chain’s best performance in two years. International comps were up 3 percent. Digital sales also accelerated in the quarter, increasing 37 percent year over year. Taco Bell now gets 42 percent of its sales through digital channels.
Meanwhile, KFC U.S.’s comps slid 1 percent in Q1 after a 5 percent decrease in fiscal 2024. The brand is still looking for ways to boost traffic amid intensifying competition in the chicken category. In February, it appointed Catherine Tan-Gillespie as its new president. Pizza Hut’s system sales declined 3 percent, largely due to what the company called “disappointing same-store sales performance” in the U.S. At Habit Burger & Grill, system sales were flat, and same-store sales dipped 3 percent.
