YUM Yum Brands Inc - 8-K

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Operating Officer and Chief People & Culture Officer Transition and Retirement

On June 2, 2026, YUM! Brands, Inc. (the “Company”) announced that Tracy Skeans will transition from her roles as Chief Operating Officer and Chief People & Culture Officer effective on November 1, 2026 (the “Transition Date”). Ms. Skeans will remain employed as a Senior Advisor to the Company from the Transition Date through her expected retirement date on March 1, 2028 (“Retirement Date”).

In connection with Ms. Skeans’ transition and retirement, the Company and Ms. Skeans entered into a Transition and Retirement Agreement (the “Transition Agreement”). Pursuant to the Transition Agreement, Ms. Skeans will be paid her current base salary and remain bonus eligible through the Retirement Date; provided, however, that Ms. Skeans will not be eligible for a bonus for the 2028 fiscal year. Ms. Skeans will not be granted any additional equity awards but will be eligible for a lump sum payment of $500,000 as soon as practicable following her Retirement Date in exchange for a waiver and release of claims in favor of the Company and as consideration for foregoing any equity awards that may otherwise have been granted during 2027. Ms. Skeans will continue to vest in her outstanding equity awards through the Retirement Date and will remain eligible for the Company’s employee benefit programs. She will be retirement eligible on her Retirement Date and all equity awards and employee benefits will be administered in accordance with their terms based on such retirement eligibility.