McDonald’s names its CEO as new board chairman, faucets Kimberly-Clark exec as unbiased director – Occasions of India

McDonald’s CEO will change into chairman of the corporate’s board later this spring, the burger chain stated tuesday.
Chris Kempczinksi, who was named McDonald’s president and CEO in late 2019, will succeed McDonald’s Chairman Enrique Hernandez Jr., who’s retiring after 28 years on the Chicago firm’s board. The transition will occur on the firm’s annual assembly, which is predicted to be held in Might.
Traditionally, McDonald’s CEOs have additionally held the place of chairman. Jim Skinner was McDonald’s vice chairman and CEO from 2004–2012, for instance.
However the firm’s subsequent CEOs broke that sample. Don Thompson served as president and CEO from 2012-2015, whereas Steve Easterbrook was president and CEO from 2015-2019. Kempczinski took over as president and CEO after Easterbrook was fired for having a non-physical, consensual relationship with an worker.
Kempczinski joined McDonald’s in 2015 as government vice chairman of technique, enterprise improvement and innovation. Previous to that, he spent greater than 25 years in senior positions at Procter & Gamble, PepsiCo and Kraft.
“Having served alongside Chris, who’s now in his fifth yr as CEO, I do know he’s uniquely positioned to unify the 2 roles of CEO and chairman to make sure McDonald’s advances in lockstep with as we speak’s ever-changing enterprise and social panorama,” Hernandez stated. in a press release.
McDonald’s additionally introduced the nomination of Mike Hsu, the chairman and CEO of Kimberly-Clark Corp., as an unbiased director on the board.
Kempczinski stated Hsu is a veteran of the patron merchandise business with a worldwide perspective, which is able to assist McDonald’s because it embarks on a interval of unprecedented development. In December, the corporate introduced a plan to open almost 10,000 McDonald’s eating places worldwide over the subsequent 4 years.
McDonald’s additionally famous that Hsu would assist keep a company objective of getting 50% or extra of its board members signify various backgrounds.