SHANGHAI, Sept. 6, 2019 /PRNewswire/ -- Yum China Holdings,
Inc. (the "Company" or "Yum China")
(NYSE: YUMC) today announced that Jacky
Lo, who has served as the Company's Chief Financial Officer
since June 2017, intends to leave the
Company to pursue professional opportunities in Hong Kong to be closer to his family. Jacky
will step down as the Company's Chief Financial Officer effective
October 16, 2019. Ka Wai Andy
Yeung will assume the role of Chief Financial Officer of the
Company effective the same day.
"We are grateful for all of the contributions Jacky has made to
the Company and recognize the critical role he played in
growing and strengthening our business since the spin-off, as well
as for his ongoing engagement on succession discussions to
ensure a smooth CFO transition." said Joey
Wat, Yum China's CEO.
"We are pleased to welcome Andy to our team. Andy brings a
wealth of knowledge to this critical role, and his deep experience
in all facets of finance will be a tremendous asset to our Company.
We look forward to working closely with him as we continue to
capitalize on market opportunities and work to generate significant
long-term value for our shareholders."
Mr. Yeung, age 46, served from April
2017 to August 2019 as the chief financial officer of
Smart Finance International Limited, a financial technology
company. Mr. Yeung also served as the chief financial officer
of Cheetah Mobile Inc., a mobile internet company listed on the
NYSE and headquartered in Beijing,
China, from January 2014 to
March 2017. From 2009 to 2013, Mr. Yeung worked at Oppenheimer
& Co. Inc. as director, executive director and then managing
director, responsible for research coverage of China's internet and
media sectors. From 1995 to 2009, Mr. Yeung worked at
various companies in the U.S. in equity research, management
consulting and credit risk management.
Mr. Yeung graduated from the Yale
University School of Management with an MBA degree and the
University of California, Berkeley with
dual degrees in Mechanical Engineering and Applied Mathematics. He
has been a Chartered Financial Analyst charterholder since
2001.
Mr. Yeung will initially join the Company as its Chief Financial
Officer-Designate on September 16,
2019 and will succeed to the Chief Financial Officer
position on October 16, 2019.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. We intend all
forward-looking statements to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by the fact
that they do not relate strictly to historical or current facts and
by the use of forward-looking words such as "expect,"
"expectation," "believe," "anticipate," "may," "could," "intend,"
"belief," "plan," "estimate," "target," "predict," "project,"
"likely," "will," "continue," "should," "forecast," "outlook" or
similar terminology. These statements are based on current
estimates and assumptions made by us in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we believe are
appropriate and reasonable under the circumstances, but there can
be no assurance that such estimates and assumptions will prove to
be correct. Forward-looking statements include, without limitation,
statements regarding efforts to capitalize on market opportunities
and generate long-term value. Forward-looking statements are not
guarantees of performance or events and are inherently subject to
known and unknown risks and uncertainties that are difficult to
predict and could cause our actual results or events to differ
materially from those indicated by those statements. We cannot
assure you that any of our expectations, estimates or assumptions
will be achieved. The forward-looking statements included in this
press release are only made as of the date of this press release,
and we disclaim any obligation to publicly update any
forward-looking statement to reflect subsequent events or
circumstances, except as required by law. Numerous factors could
cause our actual results or events to differ materially from those
expressed or implied by forward-looking statements, including,
without limitation: whether we are able to achieve development
goals at the times and in the amounts currently anticipated, if at
all, the success of our marketing campaigns and product innovation,
our ability to maintain food safety and quality control systems,
our ability to control costs and expenses, including tax costs, as
well as changes in political, economic and regulatory conditions in
China. In addition, other risks
and uncertainties not presently known to us or that we currently
believe to be immaterial could affect the accuracy of any such
forward-looking statements. All forward-looking statements should
be evaluated with the understanding of their inherent uncertainty.
You should consult our filings with the Securities and Exchange
Commission (including the information set forth under the captions
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our Annual Report
on Form 10-K) for additional detail about factors that could affect
our financial and other results.
About Yum China Holdings, Inc.
Yum China Holdings, Inc. is a licensee of Yum! Brands in
mainland China. It has exclusive rights in mainland China to KFC,
China's leading quick-service restaurant brand, Pizza Hut, the
leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving
innovative Mexican-inspired food. Yum
China also owns the Little Sheep, East Dawning and
COFFii & JOY concepts outright. The Company had more than 8,700
restaurants in over 1,300 cities at the end of June 2019. In 2019, Yum
China was named to the Bloomberg Gender-Equality Index and
was certified as a Top Employer 2019 in China by the Top Employers Institute. For
more information, please
visit http://ir.yumchina.com.
Investor Relations
Contact:
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Tel: +86 21 2407
7556
IR@YumChina.com
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Media
Contact:
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Tel: +86 21 2407
7510
Media@YumChina.com
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SOURCE Yum China Holdings, Inc.