News

Target CEO to chair Yum Brands board

November 20, 2018

Yum! Brands, Inc. has named Target Chairman and CEO Brian C. Cornell to serve as non-executive chairman of its board, a news release said. Cornell has served on the company's board for three years and succeeds the current non-executive chair, Robert D. Walter, who is retiring.

Walter, founder and retired chair and CEO of Cardinal Health, Inc., has chaired Yum's board for two years and will remain a member of the governing body for the organization. 

"We sincerely thank Bob Walter for his strong leadership, invaluable insights and many significant contributions to Yum! Brands, particularly during this exciting and transformative time for our company as we're becoming more focused, more franchised and more efficient," Yum Brands CEO Greg Creed, said in the release. 

"At the same time, I'm thrilled that Brian Cornell has agreed to become executive chairman of Yum Brands, ensuring a seamless transition of the board's leadership. Brian's tremendous leadership of one of the world's largest and most innovative retailers has brought a unique perspective and wealth of knowledge, consumer insights and best practices to Yum Brands."

Cornell has more than 30 years of experience leading retail and global consumer product companies. Prior to joining Target in August 2014, Mr. Cornell served as CEO of PepsiCo Americas Foods where he oversaw the company's global food business. Before that role, he was president and CEO of Sam's Club, as well as CEO at Michaels Stores, Inc. and executive vice president and CMO for Safeway. 

Cornell serves as Chairman of the Retail Industry Leaders Association and is also a member of the board for global nonprofit, Catalyst and the Smithsonian's National Museum of African American History and Culture.

"I'm honored and pleased to serve in a greater leadership role for one of the world's largest restaurant companies with category-leading brands," Cornell said in the release. "As customer preferences and purchase behaviors evolve, Target and Yum! Brands are already elevating and transforming our respective customer experiences with digital, retail and global consumer insights. I look forward to contributing to the next wave of growth for Yum! Brands."