Pizza Hut 2014 Annual Report Download - page 2

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CONTENTS
DEAR PARTNERS | 1
CHINA DIVISION | 2–5
KFC DIVISION | 6
PIZZA HUT DIVISION | 7
TACO BELL DIVISION | 8
INDIA DIVISION | 9
ON THE GROUND FLOOR OF
GLOBAL GROWTH | 10-13
HUGE HEART | 14
YUM! FUTURE BACK VISION | 15
YUM! DYNASTY GROWTH MODEL | 16
Since our company was spun o from PepsiCo in 1997, I
have had the privilege of leading our quest to become the
Defining Global Company that Feeds the World. Over this
time, our compound annual shareholder return has been
16% and we have been recognized among elite global
companies for our leadership capability, recognition
culture and ability to perform across the globe.
Growth opportunities outlined in this report abound
at Yum! Brands. Although 2014 results fell short of
our expectations, I’m confident our growth model is
intact and we are well positioned to deliver at least
10% annual EPS growth on a sustainable basis.
On January 1, I stepped down as CEO and will serve as
Executive Chairman and I’m pleased and proud that Greg
Creed will be my successor.
Greg has everything it takes to be an outstanding
CEO and take our company to the next level. First
and foremost, he walks the talk of our culture and will
continue to grow and develop it further. Next, he is a
visionary business leader with a 20-year track record
of success at Yum!. Over the past 9 years, Greg has
transformed Taco Bell into an industry leader, elevating
its esteem and establishing top-tier customer service
levels. He is a breakthrough thinker, launching day parts
like Fourth Meal and breakfast, and introducing major
product lines such as Doritos® Locos Taco and Cantina
Bell. Importantly, Greg has a passion for our global
business, with deep international experiences at Unilever
and at KFC and Pizza Hut in Australia and New Zealand.
He is a well-rounded executive, having previously served
as Yum! Brands Chief Operations Ocer. There is no
doubt in my mind that he is fully qualified and equipped
with the knowledge, experience and positive energy we
need to lead the company going forward.
In this Annual Report, Greg will share his perspectives on
the business and his vision for the company.
DEAR PARTNERS
David C. Novak
Executive Chairman of the Board,
Yum! Brands, Inc.