Golden Arch SupportGreg Burns
Just as McDonald's piles lettuce and tomato on its new "Deluxe" sandwiches, it's topping off management with a numbers man. On Oct. 8, Chief Financial Officer Jack Greenberg became chairman of its 12,000-unit U.S. operations. The object, says McDonald's CEO Michael Quinlan: to "bring more management firepower where we need it."
That, clearly, would be McDonald's domestic business, where same-store sales are slipping at the hands of Burger King and Wendy's. Greenberg must soothe some franchisees upset by a costly effort to erect 800-plus new restaurants annually. And analysts aren't happy with McDonald's USA Chief Executive Edward Rensi--or the company's drifting stock.
Rensi will retain his post, but will report now to Greenberg. Greenberg, who arrived at McDonald's in 1982 from auditor Arthur Young, pledges to improve profits for the company and cash-flow for owner-operators. He says he'll spend "a lot of time" with franchisees, though morale is better than some believe: "It's more controversial in the press than around here."