McDonald's names new head of U.S. unit
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
The logo of McDonald's (MCD) is seen in Los Angeles, California, United States, April 22, 2016. REUTERS/Lucy Nicholson/File Photo
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
By Lisa Baertlein
LOS ANGELES (Reuters) - McDonald's Corp (NYSE: MCD) on Wednesday said Michael Andres will retire as president of McDonald's USA at the end of the year as the fast-food chain fights to maintain the momentum of its turnaround plan amid intense competition from industry rivals and low grocery prices.
Andres, 58, took the helm of U.S. operations in October 2014, returning to McDonald's after serving as chief executive and chairman of the Logan's Roadhouse Inc [LORAH.UL] restaurant chain.
Andres was appointed by Don Thompson, who was CEO before Steve Easterbrook was elevated to that job in 2015 with the mandate to revitalize McDonald's slumping business.
Andres will be succeeded by Christopher Kempczinski, 47, currently McDonald's executive vice president of strategy, business development and innovation.
Kempczinski came to McDonald's last year from Kraft Foods Group [KRAFTB.UL], where he was executive vice president of growth initiatives and president of its international business.
The United States is McDonald's top profit market and analysts said the announcement was unexpected.
"This comes as a surprise," Hedgeye Risk Management analyst Howard Penney said.
"The biggest question becomes the continuity of the turnaround," said Penney, who added that McDonald's has a deep bench of management talent.
Jeff Stratton, who headed McDonald's USA before Andres, was 58 when he retired. He also held the job for about two years.
Shares of McDonald's were up 0.3 percent at $115.66 in extended trading.
(Reporting by Lisa Baertlein in Los Angeles; Editing by Jonathan Oatis, Bernard Orr)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- McDonald's (MCD) Looks to Sell Up to 33% Stake in Japan Unit - WSJ
- Kazakhstan says ready for Syria talks in Astana on January 23: RIA
- General Motors to announce $1 billion in U.S. investment
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!