Mikel Durham
Yum China HoldingsAbout Mikel A. Durham
Age 62, appointed to YUM China’s Board in August 2024 and standing for election in 2025; independent director with deep operating and supply chain experience across global food, beverage, and quick-service restaurants. Currently interim CEO of Atlantic Sea Farms; prior CEO of American Seafoods Group (2017–Feb 2022), global CCO at CSM Bakery Solutions (2014–2016), and senior roles at PepsiCo, Cadbury Schweppes, Diageo (including President of Burger King North America), CEB Global, and Bain & Company; MBA from Harvard (1990). Independent under NYSE and HKEX rules; Board concluded no material relationship other than Board service. Board-wide attendance was 99% in 2024, and all incumbents attended at least 75% of meetings and the 2024 annual meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Atlantic Sea Farms | Interim CEO | Current | Leadership of sustainable seaweed farming operations |
| American Seafoods Group | CEO | Jan 2017–Feb 2022 | Led world’s leading at-sea seafood processor; chaired Wild Alaska Pollock trade association |
| CSM Bakery Solutions | Global Chief Commercial Officer | 2014–2016 | Commercial leadership in global bakery supply manufacturing |
| PepsiCo, Inc. | Various executive roles; Global Growth Officer, PepsiCo Foodservice | 1994–1998; 2009–2013 | Global foodservice growth |
| Cadbury Schweppes | Supply Chain Executive | 2002–2006 | Supply chain leadership |
| Diageo | General Management; President, Burger King North America | 1998–2001 (BK President 2000–2001) | QSR general management |
| CEB Global Inc. | Operations Research Executive | 2006–2008 | Operations research |
| Bain & Company | Consultant; co-led Russian office | 1985–1994 (co-lead 1992–1994) | Strategy and international expansion |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Marine Stewardship Council | Board Member | Since 2023 | Non-profit seafood sustainability governance |
| Tyson Foods, Inc. (NYSE: TSN) | Independent Director | Jul 2015–Aug 2024 | Public company board experience |
Board Governance
| Item | Detail |
|---|---|
| Independence | Determined independent under NYSE and HKEX; no material relationship beyond directorship |
| Committee Memberships (as of Apr 11, 2025) | Audit Committee; Compensation Committee |
| Committee Meetings (2024) | Audit: 11; Compensation: 8 |
| Audit Committee qualifications | All members independent and financially literate (Durham included) |
| Attendance | Board met 7 times; committees 27 collectively; overall attendance 99%; all incumbents ≥75%; all incumbents attended 2024 annual meeting |
| Board leadership | Independent Chairman; regular executive sessions of independent/non-management directors |
- Related-party transactions: None identified for Jan 1, 2024 through the proxy date; Audit Committee reviews and approves per policy.
- Conflicts policy: Directors must disclose potential conflicts; governance policies compliant with NYSE/HKEX.
- Trading policy: Directors prohibited from speculative trading, hedging, and monetization transactions.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| 2024 Non-Employee Director Annual Retainer | $315,000 | Payable in common stock or up to one-half in cash; paid for service Jun 1, 2024–May 31, 2025 |
| Audit Committee Member Retainer | $17,500 | Annual stock retainer per member |
| Compensation Committee Member Retainer | $12,500 | Annual stock retainer per member |
| 2024 Compensation – Mikel A. Durham (Cash) | $131,250 | Portion of annual retainer elected in cash |
| 2024 Compensation – Mikel A. Durham (Stock Awards) | $153,750 | Annual stock retainers (prorated members) |
| 2024 Total – Mikel A. Durham | $285,000 | Sum of cash and stock awards |
- Chairman and committee chair supplementary retainers exist; Durham is not a chair.
Performance Compensation
| Program | Metrics | Weighting |
|---|---|---|
| Executive LTI PSUs (oversight via Compensation Committee) | rTSR vs MSCI China Consumer Discretionary; rTSR vs S&P 500 Consumer Discretionary; 3-year system sales CAGR; ROIC (2026); ESG nutrition (3-year cumulative salt/sugar reduction) | 45%; 25%; 20%; 10% respectively |
| Executive STI (annual) | Adjusted operating profit growth; same-store sales growth; system net new builds; active member spending index | 50%; 20%; 20%; 10% |
- Director compensation is primarily equity retainers in common stock; no performance-based director awards are disclosed.
Other Directorships & Interlocks
| Company/Entity | Relationship to YUM China | Potential Conflict |
|---|---|---|
| Tyson Foods (former director) | Global protein supplier industry; no related-party transactions disclosed by YUM China | None disclosed; Board independence affirmed |
| Marine Stewardship Council | Non-profit; no commercial dealings disclosed | None disclosed |
Expertise & Qualifications
- Executive leadership across seafood processing, bakery manufacturing, beverages, and QSR; international operations across U.S., U.K., Australia, Russia.
- Financial literacy (Audit Committee member); public company board experience.
- Supply chain, commercial growth, and sustainability expertise (MSC board; seafood sector leadership).
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Outstanding |
|---|---|---|
| Mikel A. Durham | 4,429 | ~0.0012% (4,429 / 374,996,934) |
- Directors expected to own a meaningful number of shares; share retention policy requires no sale of director compensation shares until at least 12 months post Board departure.
- Hedging/monetization prohibited per trading policy.
Governance Assessment
- Strengths: Independent; sits on Audit and Compensation Committees; financially literate; strong attendance culture; equity-based director pay aligns interests; robust conflicts policy and no related-party transactions disclosed.
- Compensation oversight: Committee uses independent consultant, expanded LTI metrics (ROIC, dual rTSR cohorts, ESG nutrition), and adjusted STI weightings—signals responsiveness to shareholder feedback and pay-for-performance rigor.
- Engagement: 93% Say-on-Pay approval in 2024; ongoing investor outreach informs compensation design.
- RED FLAGS: None disclosed (no related-party transactions; no hedging/pledging; independence affirmed). Continued monitoring advisable for external time commitments and any future supplier interlocks given industry background.