McDonald’s has announced that later this spring, its CEO will assume the position of chairman of the company’s board.
Chris Kempczinksi, appointed as McDonald’s president and CEO in late 2019, is set to take over the role of McDonald’s Chairman following the retirement of Enrique Hernandez Jr., who has served on the Chicago company’s board for 28 years. The transition is slated to occur during the company’s annual meeting, anticipated to take place in May.
Throughout history, McDonald’s CEOs have commonly assumed the role of chairman as well. For instance, Jim Skinner served as McDonald’s vice chairman and CEO from 2004 to 2012.
However, the company’s subsequent CEOs diverged from this tradition. Don Thompson held the positions of president and CEO from 2012 to 2015, followed by Steve Easterbrook, who served as president and CEO from 2015 to 2019. Kempczinski assumed the roles of president and CEO after Easterbrook’s dismissal due to his involvement in a consensual, non-physical relationship with an employee.
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Kempczinski became part of McDonald’s in 2015, taking on the role of executive vice president of strategy, business development, and innovation. Before this, he accumulated over 25 years of experience in senior positions at Procter & Gamble, PepsiCo, and Kraft.
“Having served alongside Chris, who is now in his fifth year as CEO, I know he is uniquely placed to unify the two roles of CEO and chairman to ensure McDonald’s advances in lockstep with today’s ever-changing business and social landscape,” Hernandez said in a statement.
McDonald’s additionally revealed the nomination of Mike Hsu, currently serving as the chairman and CEO of Kimberly-Clark Corp., to join the board as an independent director.
Kempczinski highlighted Hsu’s extensive experience in the consumer products industry and global outlook, which he believes will greatly benefit McDonald’s as it enters a phase of unparalleled expansion. In December, the company unveiled its ambition to launch close to 10,000 new McDonald’s restaurants across the globe within the next four years.
McDonald’s also emphasized that Hsu’s appointment would contribute to maintaining the corporate objective of ensuring that 50% or more of its board members represent diverse backgrounds.
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