McDonald’s Says U.S. President Andres to Retire After This Yearby
McDonald’s Corp. U.S. President Mike Andres, who helped steer the chain’s domestic business through some of its biggest changes in decades, will retire after this year and be succeeded by strategy executive Chris Kempczinski.
Kempczinski, 47, currently serves as executive vice president of strategy, business development and innovation, the Oak Brook, Illinois-based company said Wednesday in a statement. The switch is effective Jan. 1.
The change marks the second major personnel move McDonald’s has announced this month, following news that Chief Administrative Officer Pete Bensen, 54, would retire in September. Andres, 58, has been with McDonald’s for about two years, overseeing the implementation of Chief Executive Officer Steve Easterbrook’s plan to have the chain serve breakfast all day.
Since taking over in March 2015, Easterbrook has been overhauling the world’s largest restaurant chain. He’s changed up drive-thru ordering, kitchen operations and is trying to speed new technology, such as a mobile app.
McDonald’s also said on Wednesday that Doug Goare, president of international lead markets, will become chief restaurant officer, taking on many functions previously managed by Bensen. Boston Consulting Senior Partner Lucy Brady will take Kempczinski’s place overseeing strategy and business development.
Though Easterbrook’s changes have helped boost results, a broader U.S. restaurant slowdown is looming over the company. McDonald’s posted a 3.1 percent gain in second-quarter same-store sales, below analysts’ estimates.
The threat of a slump has weighed on McDonald’s shares, sending them down 2.1 percent this year. McDonald’s rose less than 1 percent to $115.66 in New York on Wednesday.