Christina Xiaojing Zhu
Yum China HoldingsAbout Christina Xiaojing Zhu
Independent director since May 2023; age 52. President and CEO of Walmart China (since May 2020), with prior leadership at Fonterra Greater China, Honeywell, and McKinsey. Education: BA in Western Studies (Beijing Foreign Studies University) and MBA (Columbia Business School). Board skills matrix flags executive leadership, industry expertise, IT/cybersecurity, China/APAC experience, and public company board experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Walmart China | President & CEO | May 2020–present | Retail leadership and digital operations focus |
| Fonterra Greater China | President & CEO; MD/VP | Sep 2011–Dec 2019 (President & CEO Aug 2016–Dec 2019) | Led China/HK/Taiwan operations for global dairy exporter |
| Honeywell International | VP; Director Strategy/BD | Feb 2003–May 2008 | Strategy and business development |
| McKinsey & Company | Engagement Manager (Financial Institutions) | 1999–2003 | Consulting/strategy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Dada Nexus Limited (NASDAQ: DADA) | Director | May 2020–Sep 2024 | On-demand retail/delivery platform |
| JD.com, Inc. (NASDAQ: JD; HKEX: 9618) | Non-voting observer | May 2020–Aug 2024 | E-commerce oversight role (observer) |
| Current public boards | — | — | None disclosed beyond YUM China |
Board Governance
- Independence: Determined independent under NYSE and HKEX rules; exceptions only for CEO Joey Wat and director Robert Aiken (Zhu is independent) .
- Committees: Member, Food Safety and Sustainability Committee (FSS). FSS chaired by Zili Shao; met 2 times in 2024 .
- Attendance: Board met 7 times; committees met 27 times in 2024; overall director attendance 99%. All incumbent directors attended ≥75% of meetings; all then-incumbent directors attended the 2024 annual meeting .
- Board leadership: Independent Chairman (Fred Hu); regular executive sessions of independent/non-management directors .
Fixed Compensation (Director)
YUM China pays non-employee directors primarily in stock retainers, with optional partial cash. Zhu elected to receive half of her annual retainer in cash.
| Component | Amount (USD) | Period | Notes |
|---|---|---|---|
| Annual director retainer | $315,000 | Jun 1, 2024–May 31, 2025 | Payable in stock; up to half in cash at director’s election |
| Committee member retainer (FSS) | $10,000 | Same | Member retainer for FSS |
| Cash paid (portion of annual retainer) | $157,500 | 2024 | Zhu elected cash for part of annual retainer |
| Stock awards (director retainer) | $167,500 | 2024 | Grant date fair value |
| Total 2024 director compensation | $325,000 | 2024 | Sum of cash plus stock awards |
Policies:
- Directors expected to own a meaningful number of shares; may not sell shares received as director compensation until at least 12 months after departure from the Board .
- Prohibited: hedging, short sales, pledging of Company stock by directors .
Performance Compensation (Director)
| Performance Element | Metrics | Status |
|---|---|---|
| None disclosed for directors | — | YUM China director pay is retainer-based (cash/stock), with no performance metrics for director compensation |
Other Directorships & Interlocks
- External affiliations in e-commerce/retail (Dada, JD.com) ended in 2024; current role at Walmart China. The Board reports no related-person transactions from Jan 1, 2024 through the proxy date, and Zhu was affirmed independent, mitigating conflict concerns under company policy .
Expertise & Qualifications
- Skills matrix: Executive leadership; industry expertise; IT/cybersecurity; China/APAC regional expertise; public board experience .
- Career focus: Customer-centric retail operations and digital transformation in China .
- Education: BA (Beijing Foreign Studies University), MBA (Columbia) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Christina Xiaojing Zhu | 10,197 | <1% | As of Mar 25, 2025; beneficial ownership per SEC rules |
Alignment mechanisms:
- Director share retention policy (no sales of director comp shares until 12 months after departure) .
- Prohibition on hedging/pledging for directors and officers .
Governance Assessment
- Strengths: Independent status; relevant retail/digital/China expertise; FSS committee seat; strong overall board/committee attendance; director pay largely equity-based promoting alignment; robust policies on hedging/pledging and director share retention; independent chairman and executive sessions support board effectiveness .
- Potential risk watchpoints: Full-time external CEO role at Walmart China may constrain time allocation; prior roles with JD/Dada (ended 2024) imply familiarity with platforms adjacent to YUMC operations—company reported no related-person transactions and affirmed independence, but continued monitoring remains prudent .
- Shareholder sentiment: 93% Say-on-Pay approval at 2024 meeting; ongoing investor engagement with top holders, and Compensation Committee responsiveness to feedback (e.g., ROIC added, rTSR benchmarks refined) indicate constructive governance posture .
RED FLAGS
- None disclosed relating to Zhu: no related party transactions; no pledging/hedging; no legal proceedings noted; independence affirmed .
- Committee cadence: FSS met 2 times in 2024; given YUMC’s food safety exposure, investors may evaluate whether meeting frequency and reporting are sufficient, though FSS mandate is comprehensive and board-level oversight of food safety and sustainability is documented .
References
- 2025 DEF 14A Proxy Statement for Yum China Holdings, Inc.