Robert A. Eckert and John W. Rogers, Jr. to Retire from McDonald's Board of Directors After 20 Years of Exceptional Service

Rhea-AI Summary

McDonald's Corporation (NYSE: MCD) has announced the retirement of Robert "Bob" A. Eckert and John W. Rogers, Jr. from its Board of Directors, effective at the 2023 Annual Shareholders' Meeting. Both members contributed significantly during their 20-year tenure, guiding the company's global expansion and diversity initiatives. The Chairman and CEO acknowledged their invaluable leadership through challenges like the COVID pandemic. Their departures align with the Board's strategy for ongoing refreshment, which includes electing new independent Directors.

Both Eckert and Rogers expressed pride in their roles and confidence in McDonald's future growth and commitment to diversity.

Positive

• Eckert and Rogers contributed significantly to McDonald's growth and strategic initiatives over their 20-year tenure.
• The Board's refreshment strategy aims to balance continuity and new perspectives for effective governance.
• Eckert's and Rogers' leadership helped navigate challenges like the COVID pandemic, strengthening McDonald's global reputation.

Negative

• Concerns about continuity and experience gaps following the retirement of two long-serving board members.

CHICAGO, March 29, 2023 /PRNewswire/ -- McDonald's Corporation (NYSE: MCD) today announced the retirement of Robert "Bob" A. Eckert and John W. Rogers, Jr. from the McDonald's Board of Directors effective as of the date of the Company's 2023 Annual Shareholders' Meeting.  

"Bob and John have made significant contributions throughout their 20 years on the Board. Their strategic vision and expertise have helped guide the expansion of the global business while bringing McDonald's closer to the communities it serves," said Enrique Hernandez, Jr., McDonald's Chairman of the Board. "Bob brought valuable expertise to the Board serving as Chairman of the Compensation Committee and the inaugural Chairman of the Public Policy & Strategy Committee where he helped oversee the Company's long-term strategy and operations. John is a prominent leader in the Chicago and business community who has helped to significantly expand the Company's efforts to promote equitable opportunity and diversity across the full range of the business including employees, franchisees and suppliers. McDonald's is stronger because of their service."

"We've all benefitted from Bob and John's invaluable counsel as we've navigated several challenges including the COVID pandemic and war in Ukraine," said Chris Kempczinski, McDonald's President and Chief Executive Officer. "Their leadership has helped position the Company for long-term growth and strengthened its global reputation. There has never been a better time to be part of McDonald's thanks to their leadership and steadfast commitment to the Company."

Eckert and Rogers joined the McDonald's Board of Directors on the same day in May 2003. These retirements are consistent with the Board's commitment to ongoing refreshment that maintains an appropriate balance of continuity and institutional knowledge with fresh perspectives among Directors. In 2022, the Board elected four new independent Directors and announced one retirement.

Robert A. Eckert shared

"It has been a privilege and an honor to serve McDonald's for the last 20 years. The world has changed significantly during this time, and the Company has successfully navigated challenges and leveraged opportunities to become one of the most admired brands globally. I leave confident that the Company has the right strategy to deliver sustained, long-term profitable growth for the System, shareholders and all stakeholders. I look forward to watching the McDonald's System continue to thrive in the years ahead."

John W. Rogers, Jr. shared

"I'm exceptionally proud to have championed initiatives to expand opportunity across all parts of the business including a $250 million commitment in the U.S. to increase demographic representation of the franchisee base, tying executive compensation to improving diversity representation and increasing spending with diverse suppliers. It's been a pleasure to serve alongside such a skilled and experienced group of Directors, and I'm confident in the Company's ability to continue advancing its purpose of feeding and fostering communities."

About McDonald's  
McDonald's is the world's leading global foodservice retailer with over 40,000 locations in over 100 countries. Approximately 95% of McDonald's restaurants worldwide are owned and operated by independent local business owners. 

Forward Looking Statements  
This document contains forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding McDonald's plans, strategies, prospects and expectations regarding its business and industry are forward-looking statements. They reflect McDonald's expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, McDonald's does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements. McDonald's business results are subject to a variety of risks, including those that are described in its Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent filings with the Securities and Exchange Commission. 

 

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SOURCE McDonald's Corporation

FAQ

Who are the retiring members from McDonald's Board of Directors in 2023?

Robert "Bob" A. Eckert and John W. Rogers, Jr. are retiring from the McDonald's Board of Directors.

When will Eckert and Rogers retire from McDonald's Board?

Eckert and Rogers will retire effective as of the date of the Company's 2023 Annual Shareholders' Meeting.

What positions did Eckert and Rogers hold at McDonald's?

Bob Eckert served as Chairman of the Compensation Committee, and John Rogers focused on diversity and equitable opportunities in the business.

What is the significance of Eckert's and Rogers' contributions to McDonald's?

Their contributions include guiding McDonald's global business expansion and promoting diversity among suppliers and franchisees.

How might the retirement of Eckert and Rogers impact McDonald's?

Their retirement may raise concerns about continuity and experience within the Board.