Yum! Brands will make the transition between CEOs on New Year's Day, when the company's current leader moves to executive chairman.
According to a press release, David Novak will establish the chairman office while Greg Creed takes over Novak's previous role.
Novak said his successor has proven he can accomplish tasks with great alacrity.
"First and foremost, he walks the talk of our culture and is determined to take it to the next level," Novak said in the statement. "Next, he is a visionary business leader with a proven track record of results. He made Taco Bell an industry leader, elevating the brand's esteem and establishing top-tier customer service levels."
Novak also said Creed has background knowledge about the company that some new hires might not be aware of - this will enable him to push business forward.
"He is a breakthrough thinker, creating new day parts such as Fourth Meal and breakfast, as well as major product lines, such as Doritos Locos Tacos and Cantina Bell," Novak said in the statement. "Last but not least, he has a passion for our global business, rooted with international positions 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 Officer. There is no doubt in my mind he is fully qualified and equipped with the positive energy we need to lead the Company to the next level."
Novak said he plans to assist Creed, and help the company anyway he can.
"As Executive Chairman, I will lead the Board of Directors and focus on mentoring Greg as our new CEO. Our late founding Chairman, Andy Pearson, did the same for me when I was appointed CEO in 1999, and I found his experience and counsel to be enormously beneficial to me and to the company," Novak said in a statement. "I will spend my time supporting Greg on corporate strategy, innovative business and brand building ideas and leadership development."
The new partnership brings Yum's China division president Sam Su together with Creed, and Novak.
"Greg, Sam and I look forward to partnering together in the coming years to continue to build the defining global company that feeds the world," Novak said in the statement.
Yum! also operates and licenses KFC, Pizza Hut and WingStreet.
