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Chris Kempczinski Named President and CEO and a Member of the Board

Steve Easterbrook Separates as President and CEO and as a Member of the Board

CHICAGO, Nov. 3, 2019 /PRNewswire/ -- McDonald's Corporation ("McDonald's") (NYSE: MCD) today announced that its Board of Directors has named Chris Kempczinski, most recently President, McDonald's USA, as President and Chief Executive Officer, effective immediately. Kempczinski has also been elected to the McDonald's Board of Directors.

Kempczinski succeeds Steve Easterbrook, who has separated from the Company following the Board's determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee. 

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"Chris takes the reins of this great company at a time of strong, sustained performance, and the Board has every confidence that he is the best leader to set the vision and drive the plans for the Company's continued success. He has the right mix of skills and experience to lead us forward having run our U.S. business, where franchisees are delivering strong financial and operational results, and overseen global strategy, business development and innovation. In particular, Chris was instrumental in the development of the Company's strategic plan, which has enabled global growth and leadership, and has overseen the most comprehensive transformation of the U.S. business in McDonald's history," said Enrique Hernandez Jr., Chairman of McDonald's Board of Directors.

Kempczinski said, "I'm thrilled to be leading this incredible company. Working alongside our talented team, our Board, our franchisees and suppliers, I am committed to upholding our rich heritage of serving our customers and driving value for our shareholders and other stakeholders. As one of the world's leading brands, McDonald's makes a difference in the lives of people every day. We have a responsibility not only to serve great food, but to make it responsibly and to enrich the communities in which we operate. I am energized by this challenge and look forward to guiding McDonald's continued success."

McDonald's expects to file its Form 10-Q for the period ending September 30, 2019, by Tuesday, November 5, 2019. The Company confirms that this leadership transition is unrelated to the Company's operational or financial performance.

About Chris Kempczinski

Chris Kempczinski is President and CEO of McDonald's, the world's largest restaurant company. He previously served as President of McDonald's USA, where he was responsible for the business operations of approximately 14,000 McDonald's restaurants in the United States.

He first joined McDonald's in 2015, overseeing global strategy, business development and innovation. In that role, he served the business units and franchisees by identifying new ideas and best practices to accelerate their growth and grow the overall value of the system.

About McDonald's

McDonald's is the world's leading global foodservice retailer with over 38,000 locations in over 100 countries. Approximately 93% of McDonald's restaurants worldwide are owned and operated by independent local business men and women.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in the Company's filings with the Securities and Exchange Commission, such as its annual and quarterly reports and current reports on Form 8-K. The Company undertakes no obligations to update such forward-looking statements, except as may otherwise be required by law.

SOURCE McDonald's Corporation

Chris Kempczinski, McDonald's, speaks during a press conference in New York, November 17, 2016.

McDonald's CEO Chris Kempczinski met with employees Monday at the company's headquarters and online to discuss a text message exchange the executive had with Chicago Mayor Lori Lightfoot about the shooting deaths of two children.

Last week, Kempczinski apologized several times for his comments after the texts were made public.

In a message to U.S. employees Tuesday, obtained by CNBC, Kempczinski had said that he texted Lightfoot to thank the mayor for visiting the company's headquarters in April. The visit occurred the day after 7-year-old Jaslyn Adams was fatally shot while sitting in a McDonald's drive-thru. This came soon after 13-year-old Adam Toledo was killed by a Chicago police officer in March. In the exchange, Kempczinski said "the parents failed those kids." The texts were made public by activists and were widely reported on over the last week, causing backlash and prompting protests at McDonald's headquarters.

"Not taking the time to think about this from their viewpoint was wrong, and lacked the empathy and compassion I feel for these families. This is a lesson that I will carry with me," Kempczinski said in Tuesday's message.

On Friday, Kempczinski announced the plan to hold a conversation with employees Monday, and added: "As I shared in my note earlier this week, my texts to the Mayor of Chicago were wrong — plain and simple. I am truly sorry and I know I have let you down. I also know this has conflicted with our values — values that you have all worked so hard to embody across the business."

Kempczinski said he holds himself accountable for the work he must do and that he hopes to regain the trust of the company and the communities it serves.

On Saturday, Kempczinski also recorded a video message to McDonald's U.S. system, which included his reflections on the week. In it, he again apologized. "I'm sorry I let you down. And I let myself down," he said.

He also said he has a "very narrow worldview" through his own background and that his comments revealed his ignorance. A person familiar with the distribution of the video said the message was sent to employees, franchisees and suppliers.

A source in franchisee leadership said some restaurant owners didn't believe the apology and had broader concerns about how the situation could impact employee morale during a challenging time in the labor market. Franchise owners and McDonald's corporate staff have butted heads over the last year regarding operational issues.

McDonald's declined to comment. However, a person familiar with Kempczinski's plans said he held a number of small listening sessions, including with elected franchisee leadership, where he apologized.

In an open letter to Kempczinski last week, a coalition of activists from Color of Change, One Fair Wage and Showing Up for Racial Justice, among others, criticized the CEO's message, saying in part, "Your text message was ignorant, racist and unacceptable coming from anyone, let alone the CEO of McDonald's, a company that spends big money to market to communities of color and purports to stand with Black Lives."

Kempczinski has been CEO for nearly two years, stepping into the role as the company fired former CEO Steve Easterbrook for violating its code of conduct. McDonald's is facing several lawsuits from former executives and current and former franchisees alleging racial discrimination.

McDonald's franchisees unhappy with changes being made to ownership terms are expressing a lack of confidence in the company's CEO and U.S. president, according to a new survey of owners that was viewed by CNBC.

The National Owners Association, an independent franchisee advocacy group for McDonald's owners, recently polled its membership on changes being made to franchisee lease terms.

The results show an overwhelming majority – 87% – of respondents support calling a vote of "no confidence" on CEO Chris Kempczinski and the company's U.S. president, Joe Erlinger.

In addition, nearly 100% feel the company should have collaborated with and consulted owner leaders before announcing changes to the franchise system, and 95% said the company's senior corporate management does not have the best interest of owners in its approach to franchising.

The NOA has about 1,000 members, and nearly 700 responded to the poll. McDonald's had more than 2,400 owners as of the end of last year. Franchisees run some 95% of McDonald's locations and are key to the company's operations.

NOA didn't immediately respond to a request for comment on the survey results.

McDonald's alerted owners in late June that beginning in 2023 it would evaluate potential new operators equally, instead of giving preferential treatment to spouses and children of current franchisees.

It is also separating the process through which it renews leases, given in 20-year terms, from assessments of whether owners can operate additional restaurants. In a message to owners about some of the changes, viewed by CNBC, the company said, "This change is in keeping with the principle that receiving a new franchise term is earned, not given."

The move sent a shock wave through the franchisee community. It came on the heels of plans to roll out a new grading system for restaurants next year that some fear will alienate workers in a time of unprecedented labor challenges. The company has been actively working to recruit new and more diverse owners, underscored in a message to franchisees from Erlinger that was viewed by CNBC.

"We've been doing a lot of thinking about how we continue to attract and retain the industry's best owner/operators – individuals who represent the diverse communities we serve, bring a growth mindset and focus on executional excellence, while cultivating a positive work environment for restaurant teams," he said.

In December, McDonald's pledged to recruit more franchisees from diverse backgrounds, committing $250 million over the next five years to help those candidates finance a franchise. McDonald's declined to comment on the new changes or the survey.

McDonald's controls lease terms for owners, and there is speculation among some in the franchisee community that the changes are being made to bring in new owners with higher lease rates than established owners would face.

The NOA poll found 83% of respondents said the new rules were a "veiled attempt to raise rents." And 95% said they do not feel valued by corporate considering recent developments. In addition, 71% of respondents said existing or legacy owners should not be treated the same as potential new operators.

Other franchisee organizations are also frustrated with the changes.

A separate poll from the National Franchisee Leadership Alliance, also viewed by CNBC, showed nearly 100% of its over 400 respondents feel McDonald's Leadership should have collaborated with and consulted with owners before announcing changes. More than 90% said the changes are not supported, and 90% said they felt their business would be negatively impacted by proposed changes.

The National Black McDonald's Operators Association also returned a vote of no confidence in CEO Kempczinski, Restaurant Business Online reported in late June.

The tensions come at a time when McDonald's U.S. business is strong and franchisee profits have been at record highs. The company topped estimates for earnings and same-store sales last quarter. The stock is down 5% year to date.