Yum China Holdings, Inc. (NYSE: YUMC) today announced the appointment of Mr. William Wang and Ms. Joey Wat to the Board of the Directors, effective immediately. The appointment will increase the size of the Board of Directors to 12 members, 9 of whom are independent.
"It is my pleasure to welcome William Wang and Joey Wat to our Board of Directors," said Yum China Non-executive Chairman Dr. Fred Hu. "William will bring to our Board deep knowledge and investment insights of the Chinese market. Joey, a talented Yum China executive, will add operation perspectives to our Board. I am confident that their participation will further benefit Yum China's business and shareholders."
Micky Pant, CEO of Yum China commented, "The addition of Joey and William to the Yum China Board will be another great step forward to become one of the world's leading restaurant companies. They are unique business talents in China who can provide deep insights about the Chinese market across a variety of sectors and both have an excellent forward looking strategic perspective as well."
William is one of the founding partners of Primavera Capital Group ("Primavera"). Prior to Primavera, William served as a Managing Director of Goldman Sachs Merchant Banking/Principal Investment Area ("GS"), where he led significant successful investments in China for the group. Prior to GS, William worked in Investment Banking Division and Private Equity Group of China International Capital Corporation Limited (CICC). William currently serves as a director on the Board of Geely Automobile Holdings Limited, a Hong Kong listed company, in addition to the directorships at Primavera's portfolio companies.
Joey Wat has served as the President and Chief Operating Officer of Yum China since February 2017. She served as Chief Executive Officer, KFC from October 2016 to February 2017, a position she held at Yum! Restaurants China from August 2015 to October 2016. Ms. Wat joined Yum! Restaurants China in September 2014 as President of KFC China and was promoted to Chief Executive Officer for KFC China in August 2015. Before joining YUM, Ms. Wat served in both management and strategy positions at AS Watson of Hutchison Group ("Watson"), an international health, beauty and lifestyle retailer, in the U.K. from 2004 to 2014. Her last position at Watson was Managing Director of Watson U.K., which operates Superdrug and Savers, two retail chains specializing in the sale of pharmacy and health and beauty products, from 2012 to 2014. She made the transition from Head of Strategy of Watson in Europe to Managing Director of Savers in 2007. Before joining Watson, Ms. Wat spent seven years in management consulting including with McKinsey & Company's Hong Kong office from 2000 to 2003.
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