Yum Brands names insider as new head of Pizza Hut's global business

MarketsAssociated Press

Yum Brands Inc. says it has named company insider David Gibbs as the new global CEO of Pizza Hut.

Gibbs, 51, joined Yum in 1989 and is currently the president of Pizza Hut's U.S. business. Yum said Monday that Gibbs will move into his new role on Jan. 1. He replaces Scott Bergren, who is retiring at the end of 2014 after more than two decades with the company.

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Pizza Hut has struggled with sliding sales in the U.S.

Yum Brands also has a new CEO starting on Jan. 1 — Greg Creed, the head of its Taco Bell chain. The Louisville, Kentucky-based chain owns KFC as well.

Its shares fell 21 cents to $71.62 in afternoon trading, in line with broader markets.