Louisville-based Yum! Brands offering retirement buyouts to corporate employees
Yum! Brands is offering retirement buyouts to employees at its three corporate bases – Louisville, greater Dallas and Irvine, Calif. The Louisville-based fast food giant confirmed the offers in a statement, though it declined to specify how many employees are eligible for the deal, nor the deadline for acceptance.
LOUISVILLE, Ky. (WDRB) -- Yum! Brands is offering retirement buyouts to employees at its three corporate offices – Louisville, greater Dallas and Irvine, Calif.
The Louisville-based fast food giant confirmed the offers in a statement, though it declined to specify how many employees are eligible for the deal, nor the deadline for acceptance.
“In anticipation of the separation of our China business and as the new Yum! becomes a more highly franchised and efficient company as previously disclosed, we’re offering a comprehensive voluntary retirement program to eligible employees at our three Restaurant Support Centers in the U.S.,” Yum spokeswoman Virginia Ferguson said in an emailed statement.
Yum’s restaurant support centers are in Louisville, where the company maintains its corporate headquarters and the U.S. division of Kentucky Fried Chicken; in Plano, Texas, the home of Pizza Hut’s U.S. and international divisions and the international division of KFC; and in Irvine, where Taco Bell is based.
Ferguson declined to provide details such as the terms of the retirement offers, their timing and the number of employees that Yum aims to trim.
She said the offers are to “retirement eligible” employees.
“Our Management and Board are finalizing our go-forward business strategy and will continue to evaluate our people structure to support this strategy,” she said, adding that the company will discuss its strategic plan at its investor conference on Oct. 11.
Yum said last October it would spin off its China business, which has been the main driver of the company’s growth over the years, into a separate, publicly traded company. The spin-off is expected to be completed around Oct. 31.
Yum has also said it wants to shift to a “pure play” franchisor with a target of at least 96 percent of its restaurants owned by franchisees – not by the company itself – by the end of 2017.
About 77 percent of Yum’s 42,692 restaurants are owned by franchisees, according to Yum’s latest annual report released in February. Yum’s restaurants are in 130 countries around the world.
Ferguson said Yum now employs “nearly 1,000” people in Louisville between its KFC U.S. division and the corporate headquarters.
Earlier this year, Yum said that its top five executives, including CEO Greg Creed, would eventually move to the company’s office in Plano, Texas, though company’s headquarters would remain in Louisville and the executives would still spend 1 or 2 weeks a month in Louisville.
Contact Business Reporter Chris Otts: 502-585-0822; email@example.com.
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