Senior KFC executives go for retirement as rates of interest hit pension payouts -WSJ By Reuters
[ad_1]
© Reuters. FILE PHOTO – Autos line up round Kentucky Fried Hen (KFC) after a state mandated carry-out solely coverage went into impact with the intention to gradual the unfold of the novel coronavirus (COVID-19) in Louisville, Ky, U.S. March 24, 2020. REUTERS/Bryan Woolston
(Reuters) – Three senior KFC executives have notified the U.S. fried rooster chain’s dad or mum firm Yum Manufacturers Inc that they’ll take early retirement as rising rates of interest threaten to dent lump sum payouts for company pensions, the Wall Road Journal reported on Saturday.
KFC’s U.S. Chief Working Officer Monica Rothgery, Chief Monetary Officer Journey Vornholt and Jeff Griffin, its director of nationwide area operations will depart the corporate this yr, the report mentioned, citing firm messages with out specifying between whom.
KFC and Yum Manufacturers didn’t instantly reply to Reuters’ requests for remark.
“Due to these rates of interest, some associates throughout Yum! and its manufacturers who qualify for pensions have determined to retire in 2022,” the report quoted one of many KFC messages as saying.
Vornholt will depart on the finish of November, the report mentioned.
The Federal Reserve has raised its coverage fee from near-zero in March to the present vary of three.00% to three.25% because it battles inflation. A fourth straight 75-basis-point rate of interest hike is anticipated subsequent month after knowledge on Thursday confirmed inflation accelerating sooner than anticipated in September.
Source link