Three senior KFC executives have notified the U.S. fried chicken chain's parent company Yum Brands Inc that they will take early retirement as rising interest rates threaten to dent lump sum payouts for corporate pensions, the Wall Street Journal reported on Saturday.
KFC's U.S. Chief Operating Officer Monica Rothgery, Chief Financial Officer Trip Vornholt and Jeff Griffin, its director of national field operations will leave the company this year, the report said, citing company messages without specifying between whom.Register now for FREE unlimited access to Reuters.
com"Because of these interest rates, some associates across Yum! and its brands who qualify for pensions have decided to retire in 2022," the report quoted one of the KFC messages as saying.The Federal Reserve has raised its policy rate from near-zero in March to the current range of 3.00% to 3.25% as it battles inflation.