Bank One Names David Novak to Board of Directors
Novak, 48, became vice chairman of Tricon, the world's largest restaurant company, when it was spun off from PepsiCo in 1997. Tricon's three brands -- KFC, Pizza Hut and Taco Bell -- generate more than $22 billion in annual sales through 30,000 restaurants in more than 100 countries.
"David is a magnificent leader and motivator. His hands-on experience in retailing, marketing and branding will make him a great board member and advisor to Bank One, where we provide nearly 60 million consumers with credit card and banking services," said James Dimon, Bank One's chairman and chief executive officer, who has served on the Tricon board since 1997. "His character, judgment and emphasis on customers and teamwork will be invaluable as we develop strategies for Bank One."
For more than 20 years, Novak has held leadership positions at PepsiCo's advertising agency and then at Pizza Hut, Pepsi and KFC. He was named chief executive officer of Tricon in January, 2000, and chairman in January, 2001. Since the spin-off, Tricon has grown its system sales by 8%; more than doubled on-going operating earnings per share, and improved its return on invested capital by 10 points.
Novak began his career in advertising and eventually became executive vice president of Tracey-Locke BBDO, supervising client relationships, including Frito-Lay and PepsiCo. In 1986, he joined Pizza Hut as senior vice president of marketing, then became executive vice president of marketing at Pepsi-Cola in 1990 and chief operating officer of Pepsi-Cola North America in 1992. He became president of KFC North America in 1994 and group president and CEO of KFC and Pizza Hut, North America in 1996.
He earned a bachelor's degree in journalism from the University of Missouri.
Novak's appointment brings the total number of Bank One board members to 14. Bank One Corporation is the nation's fifth-largest bank holding company, with assets of more than $265 billion. Bank One offers a full range of financial services to commercial and business customers and consumers. It can be found on the Internet at www.bankone.com.