Longtime company leader Creed to become CEO in January. 

Yum! Brands chairman and chief executive officer David Novak will become executive chairman effective Jan. 1, 2015. Novak has served as CEO since 1999 and once he becomes chairman Greg Creed will become Yum! Brands' CEO.

In addition to being CEO for Yum! Brands, Creed will retain his role as CEO of Taco Bell, one of the company's quick-serve concepts. Once becoming YUM Brands CEO, Creed, a 20-year company veteran, will lead the overarching strategies, structure, people development and culture for the company on a worldwide basis.