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McDonald's has changed its board of directors, as the current chairman is retiring after 28 years. Enrique "Rick" Hernandez Jr. served as chairman for eight years and spent over two decades on the board.
Dual Roles for Company Chief
To fill the seat that Hernandez will vacate, McDonald's appointed its current chief executive officer, Chris Kempczinski, as the new chairman. He will assume the role while remaining the company's CEO.
Restaurant Business Online reported that this will be the first time in 20 years that McDonald's combines the CEO and chairman roles as the veteran director is set to step down. The fast-food giant announced the retirement and appointment of the executives on Tuesday, March 19.
Board Nominations at McDonald's
It was mentioned that Jim Cantalupo was the first company executive to hold both the chairman and CEO roles, and this was in 2004. Kempczinski will now be the second McDonald's executive to hold two high positions simultaneously in the company.
In any case, the burger joint also shared that Miles White has become the Lead Independent Director. Moreover, to replace Hernandez on the board, McDonald's will nominate Mike Hsu, the chief executive officer of Kimberly-Clark Corporation, for a seat.
"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," Hernandez said in a press release. "As I reflect on my tenure with McDonald's, I am 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."
He added, "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."
Photo by: Daniel Way/Unsplash
