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Tuesday, Mar 19, 2024
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Taco Bell Boss Bound for Louisville

It looks as though at least one member of this week’s OC 50 won’t qualify for consideration next year.

Taco Bell Corp. Chief Executive Greg Creed is expected to move to Louisville once he takes on the duties of overseeing the company’s parent, leaving an empty seat at the top of the chain that took in nearly $8 billion in sales last year.

Creed has been a member of the OC 50 in recent years as Taco Bell shook off a slump in the wake of the recession to post significant sales gains and lay the groundwork for ambitious growth plans (see OC 50 entry in Special Report starting on page 15).

Yum! Brands Inc. spokeswoman Virginia Ferguson confirmed Creed and wife, Carolyn’s, planned move to Louisville, where the company and its KFC chain are based.

Creed was named successor to Yum! Chief Executive David Novak in an announcement this month. The appointment takes effect Jan. 1.

Novak will become Yum! executive chairman and head a new Office of the Chairman that will include Creed and Sam Su, who serves as vice chair of Yum! Brands and as chairman and chief executive of Yum! China.

The new duties for Creed put him at the head of a company with more than $13 billion a year in sales from its Taco Bell, KFC and Pizza Hut brands.

Previous Experience

Novak, in announcing plans for Creed’s promotion, pointed to his previous experience as chief operating officer for Yum! and his recent success in pushing Taco Bell into the breakfast business and in making other menu item launches.

“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 in a statement.

Ferguson said the company wouldn’t comment on whether a successor will be named for Creed at Taco Bell or if it’s initiated an executive search.

The business is currently divided into two units, with domestic operations including nearly 6,000 restaurants headed by President Brian Niccol. The other unit took shape in October with the appointment of Melissa Lora as Taco Bell International president. She will oversee the brand’s operations outside of the U.S. with the exception of China and India—markets overseen by a separate unit of Yum! Brands.

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