Chris Kempczinski to Assume Combined Role
of Chief Executive Officer and Chairman of the Board and
Miles White to Assume the Role of
Lead Independent Director
Mike Hsu,
Kimberly-Clark, Nominated to the
Board, Brings More Than 30 Years of Consumer Products
Experience
CHICAGO, March 19,
2024 /PRNewswire/ -- McDonald's Corporation
(NYSE: MCD) today 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 honor 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% 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."
"Rick has been a tremendous advisor to McDonald's since joining
the Board in 1996, including serving alongside eight McDonald's
CEOs. 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," said Chris Kempczinski, McDonald's President and
Chief Executive Officer. "On behalf of the Board, I would like
to thank Rick for his unwavering commitment and leadership to
McDonald's."
"I am honored to assume the role of Chairman of the Board of
Directors of McDonald's following our Annual Shareholders' Meeting.
As Chairman and CEO, I am committed to advancing our
Accelerating the Arches strategy and continuing to deliver
strong performance," said Kempczinski. "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 pleased to welcome a leader of Mike's caliber as a nominee
to the Board of Directors as we continue to build on the strength
of the brand and drive long-term value for all stakeholders,"
continued Kempczinski. "Mike is a veteran of the consumer
products industry with a global perspective that will be invaluable
to McDonald's as we continue to steer the Company towards sustained
growth."
"It is an honor to be nominated to McDonald's Board and to be
part of what is undeniably one of the most iconic and beloved
brands," said Mike Hsu,
Kimberly-Clark Corporation Chairman of the Board and Chief
Executive Officer. "I am excited to partner closely with Chris
and the Board as McDonald's continues to deliver strong performance
and drive real impact in communities across the world."
About McDonald's
McDonald's is the world's leading
global foodservice retailer with over 40,000 locations in over 100
countries. Approximately 95% of McDonald's restaurants worldwide
are owned and operated by independent local business owners.
Forward Looking Statements
This document contains
forward-looking statements about future events and
circumstances.
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SOURCE McDonald's Corporation