CHICAGO - McDonald's Corporation (NYSE: NYSE:MCD) announced today the retirement of Enrique "Rick" Hernandez, Jr., who will step down from his role as non-executive Chairman of the Board at the 2024 Annual Shareholders' Meeting.
Chris Kempczinski, currently serving as the President and Chief Executive Officer, is set to take on the additional role of Chairman. Concurrently, Miles White will become the Lead Independent Director.
The company has also nominated Mike Hsu, Chairman and CEO of Kimberly-Clark Corporation (NYSE:KMB), to join its Board as an independent director. Hsu's extensive background in the consumer products industry is expected to provide valuable insights to the McDonald's Board.
During Hernandez's 28-year tenure, McDonald's has seen significant growth, including a more than 2,000% total shareholder return and a doubling of its restaurant count. Hernandez expressed pride in the company's evolution and confidence in Kempczinski's ability to lead McDonald's through the changing business and social landscape.
Kempczinski praised Hernandez for his advisory role and contributions to the company since 1996, acknowledging his guidance through periods of change. As the incoming Chairman, Kempczinski is committed to advancing the company's "Accelerating the Arches" strategy and maintaining strong performance.
He also emphasized the importance of agility in today's dynamic environment and his intention to collaborate with White to ensure accountability and governance.
Hsu, with his nomination pending, shared his enthusiasm for joining the Board and contributing to McDonald's sustained growth and global impact.
McDonald's, recognized as the world's leading global foodservice retailer, operates over 40,000 locations in more than 100 countries, with the vast majority being independently owned and operated.
This announcement is based on a press release statement from McDonald's Corporation.
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