William Wang
Yum China HoldingsAbout William Wang
Independent director of Yum China Holdings, Inc. since July 2017; age 50. Founding partner at Primavera Capital Group; previously Managing Director at Goldman Sachs Merchant Banking/Principal Investment Area and roles in investment banking/private equity at China International Capital Corporation (CICC). Master of Management (Management Science & Engineering) from Shanghai Jiao Tong University (2000). Brings deep investment insight into the Chinese market and capital allocation expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Primavera Capital Group | Founding Partner | 2011–present (as bio context) | Investor; shareholder agreement gives Primavera two director designees (including Wang), shaping board composition . |
| Goldman Sachs (Merchant Banking/PIA) | Managing Director | Not disclosed | Led significant China investments; capital markets/investing expertise . |
| China International Capital Corporation (CICC) | Investment Banking & Private Equity | Not disclosed | Local market expertise; deal execution background . |
External Roles
| Company | Role | Listing | Notes / Potential Interlocks |
|---|---|---|---|
| Geely Automobile Holdings Ltd. | Director | HKEX: 0175 | Auto OEM; board seat indicates broad industrial exposure . |
| Sunlands Technology Group | Director | NYSE: STG | Fintech/education financing; exposure to consumer finance . |
Board Governance
- Independence: Affirmed independent under NYSE and HKEX rules (exception list does not include Wang) .
- Committees: Member, Compensation Committee (Chair: Min “Jenny” Zhang). Compensation Committee held 8 meetings in 2024; all members independent .
- Attendance: Board met 7 times; committees collectively met 27 times; overall director attendance 99% in 2024, with all incumbents ≥75%. All then-incumbent directors attended the 2024 annual meeting .
- Shareholder agreement: Company is party to an agreement with Primavera Capital Group granting two director designees (Fred Hu and William Wang), a governance influence factor to monitor .
Fixed Compensation (Director)
| Element | Amount (USD) | Detail |
|---|---|---|
| Annual Non‑Employee Director Retainer | $315,000 | Paid in company common stock unless up to half elected in cash; Wang’s 2024 retainer was stock . |
| Compensation Committee Member Retainer | $12,500 | Additional annual stock retainer for committee membership . |
| Total 2024 Director Compensation | $327,500 | Paid in stock (stock awards), no “All Other Comp” item for directors . |
Performance Compensation (Director)
- No performance-based director compensation disclosed (no PSUs/options for directors). Director equity is structured as stock retainers, determined by dividing the retainer by market price on grant date; fractional shares paid in cash .
- Hedging/pledging prohibited for directors under Company policies (alignment safeguard) .
Other Directorships & Interlocks
| Relationship | Nature | Governance Implication |
|---|---|---|
| Primavera Capital Group | Shareholder agreement; two designees (Hu, Wang) | Potential influence over nominations; monitor independence and related-party policies . |
| Industry/Customer/Supplier overlap | Geely (OEM), Sunlands (fintech) | No Yum China related-party transactions reported for 2024 through proxy date; Audit Committee oversees RPTs . |
Expertise & Qualifications
- Capital markets and private equity investing; China market acumen .
- Public company board experience (Geely, Sunlands) enhances oversight of strategy and capital allocation .
- Technical education: Management Science & Engineering (SJTU), useful for systems and operations understanding .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| William Wang | 49,718 | <1% | As of March 25, 2025; star in proxy denotes <1% . |
| Shares outstanding reference | 374,996,934 | — | Basis for percent calculations . |
Insider Trades (Form 4)
| Filing Date | Transaction Date | Type | Shares Transacted | Price | Post-Transaction Ownership | Source |
|---|---|---|---|---|---|---|
| 2025-06-03 | 2025-06-01 | Award (A) – Director stock grant | 7,502 | $0 | 57,220 | |
| 2024-06-04 | 2024-06-01 | Award (A) – Director stock grant | 9,158 | $0 | 49,718 |
Policy safeguards: Directors are prohibited from hedging, short sales, or pledging; share retention policy expects no sales of director comp shares until at least 12 months after departure .
Governance Assessment
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Strengths:
- Independent director on a fully independent Compensation Committee; committee met 8 times, indicating active oversight .
- High board/committee attendance (99%) suggests strong engagement; board executive sessions led by an independent Chair (Fred Hu) .
- Equity-heavy director compensation and anti-hedging/pledging policies align incentives with shareholders .
- No related-person transactions reported for 2024; Audit Committee reviews/approves any RPTs above thresholds .
-
Watch items / potential conflicts:
- Primavera designee status (via shareholder agreement) could create perceived influence by a major shareholder representative; continued monitoring of independence and any dealings with Primavera portfolio companies is warranted (no RPTs reported for 2024) .
- Multiple external directorships (Geely, Sunlands): ensure compliance with Yum China’s limit on other public boards (≤4) and sufficient bandwidth; no noncompliance indicated .
-
Overall signal:
- Governance posture is solid: independence affirmed, active committee work, and transparent director pay. The Primavera designation is the key governance consideration; current disclosures show checks in place (majority independent board, robust RPT policy, no RPTs in 2024) .
Notes and References
- Board composition, independence, attendance, policies .
- Committees, membership, meeting counts .
- Director compensation structure and Wang’s 2024 compensation .
- Stock ownership table for directors .
- Biography and external boards .
- Share retention and trading policies .
- Shareholder agreement with Primavera (director designees) .