Yum! Brands Inc. Appoints Michael J. Cavanagh to Board

Yum! Brands Inc. (NYSE: YUM) announced today the appointment of Michael J. Cavanagh, 46, to its Board of Directors. Cavanagh is the Co-Chief Executive Officer of JPMorgan Chase & Co.’s Corporate & Investment Bank based in New York, New York. The appointment will be effective immediately.

“Michael Cavanagh will make an outstanding addition to the Yum! Brands Board of Directors. Mike is a leader of one of the largest financial services businesses in the world, with demonstrated leadership capabilities and extensive experience in global markets, strategic investment, cash management and retail. His expertise will be highly valuable as we invest in our future growth, and continue our long-term strategy as a global leader in restaurant development with returns on invested capital among the highest in our industry,” said David C. Novak, Yum! Brands Chairman and Chief Executive Officer.

Cavanagh was appointed Co-CEO of JPMorgan Chase & Co.’s Corporate & Investment Bank in July of this year. Prior to that, he was the Chief Executive Officer of JPMC’s Treasury & Securities Services business, one of the world’s largest cash management providers and a leading global custodian. He is also a member of the firm’s Operating and Executive Committees. Prior to being named CEO of Treasury & Securities Services in 2010, Cavanagh was Chief Financial Officer of JPMorgan Chase & Co. for six years. Before being named CFO, Cavanagh was Head of Middle Market Banking for JPMorgan Chase. Cavanagh joined Bank One in May 2000 (prior to its acquisition by JPMorgan) and held a variety of roles there including Head of Strategy and Planning, Treasurer, and other executive positions in banking. Before joining Bank One, Cavanagh spent seven years with Citigroup and its predecessors.

Yum! Brands, Inc., based in Louisville, Kentucky, is the world's largest restaurant company in terms of system restaurants with over 38,000 restaurants in more than 120 countries and territories. Yum! is ranked #213 on the Fortune 500 List and generated revenues of more than $12 billion in 2011. The Company's restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opened approximately four new restaurants each day of the year, making it a leader in international retail development. The Company has consistently been recognized for its reward and recognition culture, diversity leadership, community giving, and consistent shareholder returns.