Investing.com -- Yum! Brands Inc (N:YUM) announced on Monday that Chief Financial Officer Patrick Grismer intends to resign from his position, a move that will become effective in late-February.
Grismer, 53, will remain in the post for the next several weeks while the fast-food conglomerate conducts an extensive search of both internal and external candidates, Yum Brands said in a statement. In his final weeks with the company, Grismer will help compete Yum's annual 10-K filing and will present at the company's upcoming investor conference outside Dallas later this week.
“Pat has added tremendous value as CFO of our company and has been an excellent partner to me,” said Greg Creed, Chief Executive Officer. “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 served as Yum's CFO since May, 2012, after previously serving as the company's Chief Planning & Control officer. Prior to that, Grismer served in a variety of senior management roles with the company including CFO at Yum! Restaurants International (YRI), Corporate Vice President of Strategy and Investor Relations, Chief Financial Officer of Pizza Hut (UK), Vice President of Planning at YRI, and Senior Director of Finance at Taco Bell. Before coming to Yum Brands, Grismer worked for Walt Disney Company (N:DIS) for 10 years in a financial management capacity.
In late-Octomber, Yum announced that it will separate into two publicly traded companies when it spins off its China division into its own entity. At the time, Yum said it will provide further details of the divestiture at this week's meeting.
Shares in Yum Brands closed on Monday at 76.41, up 0.35% on the session.