David Novak plans to retire from his position of executive chairman for Yum! Brands in June. The company's board plans to appoint a non-executive chairman from among its directors to succeed Novak and intends to announce that appointment during Yum! Brands' annual shareholder meeting in May.

Novak was appointed Chief Executive Officer of Yum! in 1999 and has served as chairman of Yum! Brands since 2000. He transitioned to executive chairman on January 1, 2015, when he was succeeded as CEO by Greg Creed. Upon retirement from the Board, he will become "Founder, Retired Chairman and CEO.