Chris Turner
YUM BRANDSAbout Chris Turner
Chris Turner, age 50, is Yum! Brands’ Chief Financial & Franchise Officer and will become CEO effective October 1, 2025; he has served as CFO since August 2019 after senior leadership roles at PepsiCo and more than 13 years as a Partner at McKinsey & Co. His 2024 leadership contributions spanned digital scaling (Byte by Yum!), supply chain excellence, and franchise standards while the company delivered 8% Core Operating Profit Growth and 3% System Sales Growth in 2024, following 12% COP growth and 10% System Sales Growth in 2023; TSR was 5% in 2024 and 4% in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Yum! Brands | Chief Financial Officer | Aug 2019 – Nov 2024 | Led finance; accelerated digital transformation and development momentum recognized by the Committee . |
| Yum! Brands | Chief Financial & Franchise Officer | Nov 2024 – Sep 2025 | Oversaw finance, corporate strategy, supply chain, franchise standards/support; advanced Byte by Yum! and Supply Chain CoE . |
| Yum! Brands | Chief Executive Officer | Effective Oct 1, 2025 | Will drive Good Growth strategy, scaling digital innovation and long-term results . |
| PepsiCo | SVP & GM, Walmart retail & e‑commerce | Dec 2017 – Jul 2019 | Led across beverage/snack/nutrition in U.S. and >25 countries; cross‑category execution . |
| McKinsey & Co. | Partner | >13 years | Led Service Operations (NA), Restaurant Service Line, Retail Operations; firm-wide recruiting leadership . |
External Roles
- None disclosed for Chris Turner in company filings .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $900,000 | $925,000 |
| Target Bonus (%) | 115% | 120% |
| Actual Annual Incentive Paid ($) | $1,875,938 | $963,480 |
Performance Compensation
- Long-term incentive mix remains performance-heavy: SARs, RSUs (time-based), PSUs (50% Core Operating Profit Growth, 50% System Sales Growth) with TSR modifier vs S&P 500 Consumer Discretionary; dividends accrue only if PSUs vest .
2024 grants
| Award Type | Grant Date | Units/Options (#) | Exercise/Grant Price ($) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| SARs | 2/9/2024 | 26,484 | 130.27 | 750,027 | Ratable over 4 years |
| RSUs | 2/9/2024 | 5,758 | n/a | 750,095 | Ratable over 4 years |
| PSUs | 3/20/2024 | Target 10,989; Max 21,978 | n/a | 1,623,117 | 3-year performance; COP/System Sales + TSR modifier |
Annual cash incentive mechanics and 2024 outcomes (Turner)
| Metric | Weight | 2024 Target | 2024 Actual | Earned % of Target |
|---|---|---|---|---|
| Core Operating Profit (YUM) | 50% | $2,552MM | $2,536MM | 92% |
| System Same-Store Sales Growth | 25% | 3.0% | -1.1% | 0% |
| System Net-New Units | 25% | 3,300 | 2,757 | 64% |
| Final YUM Team Factor | n/a | n/a | n/a | 62 |
| Individual Performance Factor (Turner) | n/a | n/a | n/a | 140 |
Equity Ownership & Alignment
| Metric | 2023 | 2024 |
|---|---|---|
| Beneficial Shares Owned | 16,785 | 44,660 |
| Options/SARs Exercisable within 60 Days | 20,624 | 26,671 |
| Total Beneficial Ownership | 37,409 | 71,331 |
| Ownership Guideline Multiple (Required vs Actual) | 3x salary; Actual 4.5x | 3x salary; Actual 9.8x |
| Shares Counted Toward Guideline (definition includes vested in‑the‑money SARs) | 31,337 | 67,579 |
| Hedging/Pledging Policy | Prohibited (Code of Conduct) | Prohibited (Code of Conduct) |
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreements | None for executive officers; no guaranteed bonuses . |
| Change‑in‑Control Cash Severance | Generally two times salary + bonus for CEO direct reports; “best net after‑tax” approach; no excise tax gross‑ups . |
| CIC Equity Vesting | Double trigger; RSUs vest; PSUs pay at target or greater of target/projected with pro‑rata adjustments; SARs vest as specified . |
| CIC Estimated Benefits (if CIC + involuntary termination on 12/31/2024) | Severance $5,601,876; Annual Incentive $1,110,000; RSUs accel $1,699,102; PSUs $1,471,986; SARs accel $701,221; Outplacement $25,000; Total $10,609,185 . |
| Clawback | Amended Nov 16, 2023; applies to restatements and misconduct causing significant financial or reputational harm . |
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Core Operating Profit Growth | 12% | 8% |
| System Sales Growth | 10% | 3% |
| Total Shareholder Return (YUM) | 4% | 5% |
- Achievements: accelerated digital/technology transformation (Byte by Yum!), centralized Supply Chain Center of Excellence, and concept innovation (Saucy by KFC); recognized by Committee via elevated individual factor in 2024 .
Compensation Structure Analysis
- Pay-for-performance design: majority at-risk; annual bonus tied to COP growth, SSS, net-new units; PSUs tied to COP growth and System Sales with TSR modifier; caps/thresholds mitigate risk .
- Peer benchmarking: Turner positioned near market median to 75th percentile; CEO set around 50th–75th percentile; Meridian Compensation Partners serves as independent consultant .
- Governance signals: Say‑on‑Pay approvals of ~87% (2023) and ~92% (2024) indicate shareholder support; stock ownership guidelines include 50% holding requirement until compliance .
Investment Implications
- Alignment: Strong ownership and prohibited hedging/pledging support investor alignment; Turner materially exceeds ownership guidelines, reducing agency risk .
- Incentive quality: Metrics (COP growth, SSS, net-new units; System Sales/COP in PSUs with TSR modifier) are operationally grounded and linked to unit economics and digital execution; 2024 team factor compression drove lower bonus—evidence pay sensitivity to results .
- Retention/transition: Upcoming CEO role with scaled equity in 2026 and robust CIC protections suggests low near-term retention risk; double-trigger vesting and absence of tax gross-ups are governance positives, though CIC payout magnitude is meaningful in downside scenarios .
- Execution risk: 2024 softness in SSS and unit adds (below target) highlights macro/operational hurdles; Turner’s track record in digital/supply chain is a lever to re-accelerate growth post-transition .