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Yum! Brands names CEO

Yum! Brands Inc. on Aug. 12 promoted David Gibbs, the company's president and COO, to be CEO, effective Jan. 1, 2020.

Gibbs, who oversees the global KFC, Pizza Hut and Taco Bell divisions, will replace Greg Creed.

Creed plans to retire at the end of 2019 after serving as CEO since January 2015. Creed will be a part-time adviser in 2020 and remain on the company's board.

Yum! Brands also appointed Gibbs to its board, effective Nov. 1.

"The board and I are confident that David Gibbs is the ideal leader to drive the next chapter of global growth for the company," Brian Cornell, nonexecutive chairman of Yum! Brands and chairman and CEO of Target Corp., said in a press release.

Yum! Brands recently reported an adjusted EPS that beat Street expectations along with plans to wind down hundreds of Pizza Hut locations in the U.S.