Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

McDonald’s Operating Chief Fenton to Retire in October

Don't Miss Out —
Follow us on:

March 20 (Bloomberg) -- McDonald’s Corp., the world’s largest restaurant chain, said Chief Operating Officer Tim Fenton will retire in October and that the company will eliminate the position.

Fenton, 56, had been at McDonald’s for 41 years, starting as a crew member at a store in Utica, New York, the company said today in a statement. Chief Financial Officer Pete Bensen will assume oversight for the worldwide supply chain, development and franchising functions, while Global Chief Brand Officer Steve Easterbrook will take over strategy, social responsibility, sustainability and philanthropy.

McDonald’s has been struggling to boost sales amid more competition from its fast-food peers, which are introduced new foods and discounting fare. Sales at locations open at least 13 months fell 0.3 percent in February as its U.S. business slumped for the fourth straight month. The company has been trying to attract Americans by advertising its coffee and breakfast foods and speeding up its service.

Fenton, who has asthma, is retiring to focus on improving his health, the company said.

“I simply cannot continue to meet the global travel demands of this position,” Fenton said in the statement.

Shares of Oak Brook, Illinois-based McDonald’s rose 0.5 percent to $96.60 at the close in New York. The stock has dropped 0.4 percent this year, while the Standard & Poor’s 500 Restaurants Index has gained 0.1 percent.

To contact the reporter on this story: Leslie Patton in Chicago at lpatton5@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net Kevin Orland, James Callan

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.