Yum Brands Inc. said Tuesday executive chairman David C. Novak will retire in May, also stepping down from the company's board at that time. The fast-food company plans to appoint a non-executive chairman from among its directors, Yum said in statement. Novak served as Yum's chief executive from 1999 until Jan. 1, 2015, when he transitioned to the executive chairman post and was succeeded as CEO by Greg Creed. Shares of Yum Brands were flat in late trading Tuesday after ending the regular session down 0.3%.
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