Summary by Moomoo AI
On March 19, 2024, McDonald's Corporation announced significant changes to its Board of Directors. Enrique 'Rick' Hernandez, Jr. retired from his position as non-executive Chairman after 28 years, including eight as Chairman. Following his retirement, CEO Chris Kempczinski will take on the additional role of Chairman of the Board, while Miles White will become the Lead Independent Director. The company also nominated Mike Hsu, CEO of Kimberly-Clark, as an independent director to the Board. These changes are set to take effect at the Company's 2024 Annual Shareholders' Meeting. Hernandez's tenure saw McDonald's achieve over 2,000% in total shareholder return and a doubling of its restaurant count. Kempczinski praised Hernandez's contributions and expressed his commitment to advancing McDonald's strategy and performance. Hsu's nomination is expected to bring valuable consumer products industry experience to the Board.
