Liz Williams doesn’t sit still, even when she stays in the same place for a while.
William joined Yum Brands Inc., Taco Bell’s parent company, six years ago as senior director for corporate strategy. She was promoted a year later to vice president of business and planning strategy for Taco Bell and became chief financial officer in 2013.
Taco Bell is a $9-billion fast-food business that generates about $500 million in profits for Yum, a global operation with a market capitalization of $29 billion. The chain has notched same-store sales growth in 14 of the last 15 quarters, earning kudos from its corporate parent, which also has the Pizza Hut and KFC brands in its portfolio.
Many of those gains have come with Williams as CFO, with duties that include leading the company’s annual planning for strategy, including an emphasis on innovation and long-term growth. She’s also at the helm of an effort to improve restaurant margins, with a goal of trimming $100 million over three years.
Those are highlights from a performance that landed Williams honors in the public company category at the Business Journal’s annual CFO of the Year Awards on Jan. 21 at Hotel Irvine (see related stories 1, 4, 12).
Williams took to the podium without a prepared speech.
“I’m math geek—I figured that my odds of winning the award were lower than winning the Power Ball,” Williams said with a chuckle.
Her teams are responsible for improving the information technology and the infrastructure of Taco Bell restaurants nationwide.
The teams focus on procurement, forecasting, supplier selection and negotiations for the stores. Williams calls them problem-solvers who aim to continuously improve operations at franchises throughout the U.S.
“It’s really business fundamentals—customers want a great experience, they want something that is new and vibrant and full of innovation,” she said.
Williams also has embraced new ways to reach customers via tacobell.com and by offering delivery in selected markets.
She covered a lot of ground geographically before she got to Taco Bell and attributes much of her professional growth and success to her travels.
She has worked for the Boston Consulting Group in Bangkok, and for Dell Computers in Austin, Texas. She was born in Lincoln, Neb.; raised in Des Moines, Iowa; earned her bachelor’s degree at the University of Texas Austin; and her MBA from Northwestern University in Evanston, Ill.
“By being geographically flexible, you get to see and do a lot of things,” Williams said. “My time in Bangkok taught me to understand and appreciate a new culture.”
She also said that her time as a consultant and with Dell gave her valuable experience in fast-paced business environments that embraced change.
“I took calculated risks, learned new ideas, and stretched outside of familiar ideas and notions,” she said.
Williams said she suggested lowering menu prices when she joined Taco Bell as a senior strategy director in 2010, with the goal of increasing value for the customers.
The idea got immediate traction.
“Taco Bell really thrives on change and the need to improve quality for customers, workers and managers,” she said.
Williams then joined an internal team that repositioned Taco Bell as “an experience” as opposed to a restaurant. The idea led to the Doritos taco—a hit in terms of sales and publicity. She then joined operations and focused on finance, planning and strategy—she was responsible for the success of 950 restaurants.
The work focused on supply chain software, evaluating suppliers, innovating operations, understanding regional preferences and reaching new customers.
“I was really fortunate that some great people were already in place, that I was part of a dynamic group of recruits, and that we hired some bright minds later,” Williams said.
“Taco Bell is a great brand. I really do have an amazing team and wonderful leaders that create an environment for success. I’m very excited about working here.”
The same goes on the home front for Williams, who has been married for 18 years and has two children: a daughter, 7, and a son, 4.
“I can volunteer at the school on Monday mornings, for example, then be at my office at 8:45 a.m.,” she said. “That can only occur in Orange County.”
