U.S.A. | McDonald's has announced changes to its board of directors, following the retirement and resignations of various members.
McDonald's has announced the retirement of Enrique "Rick" Hernandez, Jr. as non-executive Chairman of the company's Board of Directors, effective as of the date of the Company's 2024 Annual Shareholders' Meeting. Following Rick's retirement, Chris Kempczinski will assume the combined role of Chief Executive Officer and Chairman of the Board, and Miles White will assume the role of Lead Independent Director.
The Company also announced the nomination of Mike Hsu, Chairman and Chief Executive Officer of Kimberly-Clark Corporation, as an independent director of the Board.
"It has been an honour to serve on the McDonald's Board and witness first-hand how the Company has evolved to become one of the world's most recognizable and successful brands," said Rick Hernandez, McDonald's Chairman of the Board.
"As I reflect on my tenure with McDonald's, I'm inspired by the remarkable leaders with whom I've had the privilege to serve. Starting with Fred Turner, these leaders became my partners and friends, and I'll forever cherish those relationships."
During his 28 years of service on the Board, McDonald's has delivered over 2,000 percent in total shareholder return. The company also more than doubled its restaurant count, including expanding into more than 100 markets.
"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," continued Hernandez.
"Now is the right moment to evolve that Board's structure, and I look forward to seeing McDonald's continue to flourish for years to come as a lifelong supporter, advocate and customer."
Chris Kempczinski said that Hernandez' had been a tremendous advisor to McDonald's since joining its board in 1996.
"His vision, thoughtful counsel, and dedication to McDonald's created a blueprint for us all in how to navigate change and uphold our leading position in the industry. On behalf of the Board, I would like to thank Rick for his unwavering commitment and leadership to McDonald's."
Kempczinski added that he was honoured to assume the board's chairman role following the annual McDonald's shareholder meeting.
"As Chairman and CEO, I am committed to advancing our Accelerating the Arches strategy and continuing to deliver strong performance. In today's dynamic environment, I will ensure that McDonald's remains nimble as we continue building the strength of the McDonald's brand and work alongside our new Lead Independent Director, Miles White, to uphold accountability and governance."
With more than 30 years of experience in the consumer products industry, Mike Hsu, Chairman of the Board and Chief Executive Officer of Kimberly-Clark, has been nominated to McDonald's Board of Directors. Before becoming CEO in January 2019, Hsu served as Kimberly-Clark's President and Chief Operating Officer.
"I am excited to partner closely with Chris and the Board as the brand continues to deliver strong performance and drive real impact in communities across the world," said Hsu.
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