Yum! Brands Inc. chief executive David Novak will transition out of his role and become executive chairman of the global quick-service giant, effective Jan. 1, 2015. The move will usher in Taco Bell chief executive Greg Creed as the next CEO of Yum, which operates or franchises more than 40,000 locations of KFC, Pizza Hut and Taco Bell in more than 125 countries. Yum is not commenting on a successor to lead Taco Bell. In his new position as executive chairman of Louisville, Ky.-based ...

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