McDonald’s Board of Directors had a quick turn around, within days they fired former CEO Steve Easterbrook, and has announced the appointment of Chris Kempczinski.
“Chris takes the reins of this great company at a time of strong, sustained performance, and the Board has every confidence that he is the best leader to set the vision and drive the plans for the Company’s continued success. He has the right mix of skills and experience to lead us forward having run our U.S. business, where franchisees are delivering strong financial and operational results, and overseen global strategy, business development and innovation. In particular, Chris was instrumental in the development of the Company’s strategic plan, which has enabled global growth and leadership, and has overseen the most comprehensive transformation of the U.S. business in McDonald’s history,” said Enrique Hernandez Jr., Chairman of McDonald’s Board of Directors.
Chris first joined McDonald’s [TCO] in 2015 after being appointed by his predecessor to help implement the aforementioned changes at the fast-food chain.
McDonald’s shares sank 2.3% in premarket at 10 am in London (5 am ET), which would wipe about $3.4 billion off the company’s value. Since Steve Easterbrook took the helm in 2015, McDonald’s share price has more than doubled.