Yum! Brands Announces $1 Bln Stock Buyback Authorization

(RTTNews) - Yum! Brands Inc. (YUM) said Thursday that its Board of Directors has authorized the company to repurchase up to $1 billion in additional shares of common stock.

The $1 billion in additional share repurchases of the Company's outstanding common stock is authorized through May 31, 2016. Year-to-date, the company has repurchased 9.4 million shares of common stock totaling $691 million.

The company also declared a quarterly dividend of $0.41 per share of common stock, payable on February 6, 2015 to shareholders of record on January 16, 2015.

Separately, Yum! Brands said that Greg Creed, who will become Chief Executive Officer of the company on January, 1, 2015, was formally appointed as a Director of the Board. Additionally, the company appointed Elane Stock to its Board of Directors. Stock is the Group President of Kimberly-Clark International. The appointments are effective immediately.