YUM! Brands plans COO transition and 2028 retirement

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Form Type

8-K

Rhea-AI Filing Summary

YUM! Brands announced a planned leadership transition for Tracy Skeans, its Chief Operating Officer and Chief People & Culture Officer. She will step down from these roles on November 1, 2026 and continue as a Senior Advisor until her expected retirement on March 1, 2028.

Under a Transition and Retirement Agreement, Ms. Skeans will receive her current base salary and remain bonus-eligible through her retirement, except she will not be eligible for a 2028 bonus. She will receive a $500,000 lump-sum payment after retirement in exchange for a waiver and release of claims and in consideration for foregoing potential 2027 equity awards.

Ms. Skeans will continue to vest in her existing equity awards through her retirement date and remain eligible for the company’s employee benefit programs. On retirement she will be considered retirement-eligible, and all equity awards and benefits will be treated according to their existing terms.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Key Figures

COO transition date: November 1, 2026 Retirement date: March 1, 2028 Lump-sum payment: $500,000

3 metrics

COO transition date November 1, 2026 Date Skeans leaves COO and Chief People & Culture Officer roles

Retirement date March 1, 2028 Expected retirement date for Tracy Skeans

Lump-sum payment $500,000 Payment after retirement for waiver of claims and foregoing 2027 equity awards

Key Terms

Transition and Retirement Agreement, Senior Advisor, equity awards, waiver and release of claims, +1 more

5 terms

Transition and Retirement Agreement financial

"the Company and Ms. Skeans entered into a Transition and Retirement Agreement"

Senior Advisor financial

"will remain employed as a Senior Advisor to the Company from the Transition Date"

A senior advisor is an experienced executive or specialist who provides strategic guidance to a company's leadership without running daily operations. Investors care because such advisors bring credibility, industry knowledge and connections that can speed decision-making, open partnerships or reduce execution risk—like hiring a trusted coach to help a team perform better—which can influence future growth prospects and market confidence.

equity awards financial

"Ms. Skeans will not be granted any additional equity awards but will be eligible"

Equity awards are payments to employees or directors made in the form of company stock or rights to buy stock later, serving as a way to share ownership rather than cash. For investors, they matter because they align staff incentives with company performance, can increase the number of shares outstanding over time (which can reduce each share’s claim on profits), and create compensation costs that affect reported earnings.

waiver and release of claims financial

"in exchange for a waiver and release of claims in favor of the Company"

retirement eligible financial

"She will be retirement eligible on her Retirement Date and all equity awards"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive change did YUM (YUM) announce for Tracy Skeans?

YUM! Brands announced that Tracy Skeans will step down as Chief Operating Officer and Chief People & Culture Officer on November 1, 2026, then serve as a Senior Advisor until her expected retirement on March 1, 2028 under a Transition and Retirement Agreement.

When is Tracy Skeans expected to retire from YUM (YUM)?

Tracy Skeans is expected to retire from YUM! Brands on March 1, 2028. After leaving her Chief Operating Officer and Chief People & Culture Officer roles, she will continue as a Senior Advisor from November 1, 2026 through that March 1, 2028 retirement date.

How will YUM (YUM) compensate Tracy Skeans during her transition period?

During the transition, Tracy Skeans will receive her current base salary and remain bonus-eligible through her retirement date, except she will not be eligible for a 2028 fiscal year bonus, while continuing as a Senior Advisor from November 1, 2026 to March 1, 2028.

What special payment will Tracy Skeans receive from YUM (YUM) at retirement?

Tracy Skeans will receive a lump-sum payment of $500,000 after her March 1, 2028 retirement. This payment is in exchange for a waiver and release of claims and as consideration for foregoing equity awards that might otherwise have been granted in 2027.

What happens to Tracy Skeans’ equity awards at YUM (YUM)?

Tracy Skeans will continue to vest in her outstanding equity awards through her March 1, 2028 retirement date. She will be retirement eligible on that date, and all equity awards will be administered according to their existing terms based on that retirement eligibility.

Will Tracy Skeans keep her employee benefits at YUM (YUM) during the transition?

Yes, Tracy Skeans will remain eligible for YUM! Brands’ employee benefit programs through her March 1, 2028 retirement date. On that date she will be considered retirement-eligible, and employee benefits will be handled in line with the applicable plan terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/02/2026 - 04:33 PM



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

May 28, 2026

________________________

YUM! BRANDS, INC.

(Exact name of registrant as specified in its charter)

Commission File Number 1-13163

North Carolina

13-3951308

(State or other jurisdiction of

(I.R.S. Employer

incorporation)

Identification No.)

1441 Gardiner Lane,

Louisville,

Kentucky

40213

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(502)

874-8300

Former name or former address, if changed since last report:

N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, no par value

YUM

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 5.02			Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Operating Officer and Chief People & Culture Officer Transition and Retirement

On June 2, 2026, YUM! Brands, Inc. (the “Company”) announced that Tracy Skeans will transition from her roles as Chief Operating Officer and Chief People & Culture Officer effective on November 1, 2026 (the “Transition Date”). Ms. Skeans will remain employed as a Senior Advisor to the Company from the Transition Date through her expected retirement date on March 1, 2028 (“Retirement Date”).

In connection with Ms. Skeans’ transition and retirement, the Company and Ms. Skeans entered into a Transition and Retirement Agreement (the “Transition Agreement”). Pursuant to the Transition Agreement, Ms. Skeans will be paid her current base salary and remain bonus eligible through the Retirement Date; provided, however, that Ms. Skeans will not be eligible for a bonus for the 2028 fiscal year. Ms. Skeans will not be granted any additional equity awards but will be eligible for a lump sum payment of $500,000 as soon as practicable following her Retirement Date in exchange for a waiver and release of claims in favor of the Company and as consideration for foregoing any equity awards that may otherwise have been granted during 2027. Ms. Skeans will continue to vest in her outstanding equity awards through the Retirement Date and will remain eligible for the Company’s employee benefit programs. She will be retirement eligible on her Retirement Date and all equity awards and employee benefits will be administered in accordance with their terms based on such retirement eligibility.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

YUM! BRANDS, INC.

(Registrant)

Date:

June 2, 2026

/s/ Larry Derenge

Vice President and Associate General Counsel

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

3 documents