McDonald's Corporation (NYSE: MCD) has announced several significant changes to its board of directors, including the retirement of Enrique "Rick" Hernandez, Jr. after 28 years of service, with eight years as chairman. Following this retirement, Chris Kempczinski will take on the combined role of chief executive officer and chairman of the board, and Miles White will become the lead independent director.
During Hernandez's tenure, McDonald's delivered over 2,000% in total shareholder return and doubled its restaurant count, expanding into more than 100 markets. Chris Kempczinski, who has been CEO for five years, will now unify the roles of CEO and chairman to ensure the company advances in today's ever-changing business and social landscape.
Moreover, Mike Hsu, the chairman and CEO of Kimberly-Clark Corporation, has been nominated to join the board of directors. Hsu brings over 30 years of consumer products industry experience to McDonald's.
McDonald's, the world's leading global foodservice retailer with over 40,000 locations in over 100 countries, continues to focus on delivering strong performance and driving real impact in communities around the world. As a result of these announcements, the company's shares have moved 1.5% on the market, and are now trading at a price of $282.87. For more information, read the company's full 8-K submission here.
