Yum China today revealed that Andy Yeung, who has held the position of Chief Financial Officer (CFO) since October 2019, will resign for personal reasons. Yeung will step down as CFO on September 30, 2024, and will transition to the role of Senior Advisor to the CEO from October 1, 2024, through February 28, 2025. Adrian Ding, who has been with the company since March 2019 as Chief Investment Officer and General Manager of the Lavazza joint venture, will take on the role of Acting CFO starting October 1, 2024.
Joey Wat, CEO of Yum China, expressed gratitude to Yeung for his significant contributions, noting his crucial role during the pandemic and his success in leading the company’s Hong Kong listing. “Andy’s leadership was vital in enhancing our financial stability and growth strategy, and we wish him all the best in his future endeavors,” said Wat.
Wat also announced the appointment of Adrian Ding as Acting CFO, praising his extensive experience in investment and capital markets. “Adrian has been instrumental in various strategic projects, including our Hong Kong listing and the establishment of the Lavazza joint venture. His expertise will be crucial in driving our growth strategy and creating value for our shareholders.”
Adrian Ding joined Yum China in March 2019 as Vice President of Corporate Finance, was appointed Chief Investment Officer in February 2020, and became General Manager of the Lavazza joint venture in March 2022. Prior to Yum China, Ding worked at Alibaba Group, UBS AG, Morgan Stanley, and Citigroup Global Markets Asia Limited. He holds an MBA from Columbia Business School and a bachelor’s degree in quantitative finance from Hong Kong University of Science and Technology.
Additionally, Yum China announced the appointment of Ms. Mikel A. Durham to its Board of Directors, effective August 12, 2024, expanding the Board to 12 members, with 10 being independent.
Dr. Fred Hu, Chairman of Yum China, welcomed Durham, highlighting her extensive experience in the food industry and global business. “Mikel’s knowledge and expertise will greatly benefit our Board and contribute to our strategic goals,” said Hu.
Joey Wat also welcomed Durham, emphasizing her experience in brand growth and innovative product development. “Her background will be invaluable as we pursue our RGM 2.0 strategy and capitalize on future opportunities,” Wat added.
Mikel A. Durham previously served as CEO of American Seafoods Group and held senior roles at CSM Bakery Solutions, PepsiCo, Inc., CEB Global Inc., Cadbury Schweppes, Diageo, and Bain & Company. She has been an independent director of Tyson Foods, Inc. since 2015 and serves on the board of the Marine Stewardship Council. Durham holds an MBA from Harvard University.
