NEW YORK —Yum Brands said it named activist investor Keith Meister to its board and lowered its full-year profit outlook, citing ongoing difficulties in its China division.
The parent company of KFC, Pizza Hut and Taco Bell also said Thursday it was close to completing a review of its strategic options, including potential changes to its corporate structure. The announcement came after Yum Brands reported disappointing quarterly results last week, citing a slower-than-expected recovery for its China business, which has seen sales plunge after two separate scares related to the quality of its food.
Meister is the founder and managing partner of Corvex Management, one of Yum’s largest shareholders with nearly 5 percent of the company’s common stock. His appointment expands the board to 14 members and is effective Friday.
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