Yum! Brands Inc. chief financial officer Patrick Grismer has resigned effective Feb. 19, 2016, to be closer to his family, the company said Monday.
The company has not yet named a successor. Grismer will remain with Louisville, Ky.-based Yum to help finalize its annual report. He will also present at the company’s investor meetings Thursday.
Grismer’s departure comes as Yum plans to spin off its China operations as a franchisee of the company by next year.
“Pat has added tremendous value as CFO of our company and has been an excellent partner to me,” Yum CEO Greg Creed said in a statement. “I respect his personal decision to move to be geographically closer to family members and I wish him all the best. We have a strong and seasoned team of financial executives who have the expertise and experience needed to ensure a seamless transition and to execute a smooth separation of our China business.”
Grismer has been with Yum for 13 years and has held several finance positions before he was named CFO in 2012.
“This was a difficult personal decision for me, as this is an exciting time for the company as it embarks on its strategic transformation,” Grismer said in a statement. “I’m confident that both Yum and Yum China will capitalize on the excellent growth opportunities ahead.”
Yum Brands Inc. has more than 41,000 restaurants in 125 countries, and has about $13 billion in annual revenue. It operates the KFC, Pizza Hut and Taco Bell brands.
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