On July 14, 2023, the Board of Directors of Yum China Holdings, Inc. announced expanded its size from nine directors to ten directors and appointed Mr. David Hoffmann, chief executive officer of Mammoth Holdings, as a director, effective immediately, to serve for a term expiring at the 2024 annual meeting of stockholders of the Company or until his earlier death, resignation or removal. The Board determined that Mr. Hoffmann is independent of the Company and its management under the New York Stock Exchange listing standards and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Board also appointed Mr. Hoffmann as a member of the Audit Committee of the Board.

On July 13, 2023, Mr. Aiken Yuen notified the Company that he intends to step down as Chief People Officer of the Company, effective August 1, 2023. To ensure a smooth transition of the responsibilities of the Company?s Chief People Officer, the Company and Mr. Yuen entered into a transition agreement dated July 13, 2023 (the ?Transition Agreement?). The Board has appointed Mr. Jerry Ding as the Company?s Chief People Officer, effective August 1, 2023.

Mr. Ding has served as Head of Corporate Strategy since November 2019 and brand leader of Taco Bell since November 2021. Prior to joining Yum China, Mr. Ding worked at McKinsey & Company for over six years, specializing in developing corporate-level strategies. Mr. Ding holds a Ph.D. in Mechanical Engineering and Materials Science from Yale University and a B.S. in Mechanical Engineering and Automation from Tsinghua University.