McDonald's Announces Chief Operating Officer Tim Fenton to Retire and Global Management Restructure
March 20 2014 - 3:00PM
Marketwired
McDonald's Announces Chief Operating Officer Tim Fenton to Retire
and Global Management Restructure
OAK BROOK, IL--(Marketwired - Mar 20, 2014) - McDonald's (NYSE:
MCD) President and Chief Executive Officer Don Thompson today
announced that Chief Operating Officer Tim Fenton, 56, has decided
to retire from McDonald's Corp., effective October 1, 2014. He
will continue to serve as COO during a brief transition period, and
thereafter, as a Special Advisor to Thompson focused on global
franchising, restaurant portfolio optimization and other strategic
business initiatives.
Upon notification of Fenton's retirement, the Board of Directors
approved several reporting structure changes designed to continue
driving McDonald's business for the long-term. McDonald's Area of
the World presidents, responsible for the operations of McDonald's
35,000 restaurants worldwide, will now report directly to Thompson.
The company will not replace the COO role, but will broaden
responsibilities for two senior leaders. Pete Bensen, 51, Executive
Vice President and Chief Financial Officer, will assume oversight
for Worldwide Supply Chain, Development and Franchising functions.
Steve Easterbrook, 46, Executive Vice President and Global Chief
Brand Officer, will assume oversight for the Restaurant Solutions
Group; Corporate Strategy; and the Global CSR, Sustainability and
Philanthropy department. The Board has elected Bensen and
Easterbrook Senior Executive Vice Presidents.
"We are confident that Pete, Steve and our global leadership
team will remain focused on driving the business forward and
delivering an outstanding restaurant experience to our 70 million
customers we serve daily around the world," said Thompson.
Thompson continued, "On behalf of the entire McDonald's System,
I salute Tim for his 41 years of continuous service to McDonald's,
and want to thank him for his countless contributions to our
business. We have benefitted greatly from his international
experience, deep commitment to operational excellence and proven
track record of success."
"I'm making a difficult and personal decision to retire," said
Fenton. "It's widely known that I battle severe asthma. I simply
cannot continue to meet the global travel demands of this position
and will focus on improving my health closer to home. I intend to
always be of service to this great company, our employees,
customers and suppliers."
About Tim
Fenton
Fenton joined McDonald's in 1973 as a crew member in Utica, N.Y.
He has held a variety of leadership roles throughout his McDonald's
career, including President of McDonald's Asia-Pacific, Middle East
and Africa (APMEA). Prior to that, he served as President of the
East Division for McDonald's USA. Before joining the U.S. business,
he was Senior Vice President of Southeast Asia-Pacific, Middle East
and Africa, Vice President and Managing Director of McDonald's
Middle East Development Company and served in numerous operations
and leadership positions in Asia, Poland, Central Europe and the
U.S.
ABOUT
McDONALD'S
McDonald's is the world's leading global food service retailer
with more than 35,000 locations serving approximately 70 million
customers in more than 100 countries each day. More than 80% of
McDonald's restaurants worldwide are owned and operated by
independent local business men and women. To learn more about the
company, please visit: www.aboutmcdonalds.com and follow us on
Facebook (http://www.facebook.com/mcdonaldscorp) and Twitter
(http://twitter.com/McDonaldsCorp).
MEDIA: Heidi
Barker Sa Shekhem 630-623-3791 Becca Hary 630-623-7293 INVESTORS: Kathy Martin
630-623-7833
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