Yum! Brands Inc. (YUM) plans to split its Chinese operations off into a new publicly traded company, Yum! China. The company, which runs fast food chains Pizza Hut, KFC, and Taco Bell, has faced pressure from investors, particularly Keith Meister of Corvex Capital. Meister has a 5% activist stake in the company and joined Yum Brands’ board on Oct. 15. Separating the China operations from the rest of Yum! Brands has been one of his goals for the company. 'Following the separation, each standalone company will be able to intensify focus on its distinct commercial priorities, allocate its own resources to meet the needs of its business, and pursue distinct capital structures and capital allocation strategies. This will provide a clear investment thesis and visibility to attract a long-term investor base suited to each business,' Yum! Brands CEO Greg Creed said in a statement Tuesday. The Deal's Senior Reporter Lisa Allen has the details from New York.