McDonald’s CEO Jack Greenberg announced his retirement last week, and will be replaced Jan. 1 by Jim Cantalupo, who had been vice chairman-president. President of McDonald’s Europe Charlie Bell becomes president-chief operating officer, and Jim Skinner becomes vice chairman.
Greenberg has been under pressure for several months to turn around McDonald’s lackluster performance. Critics say McD needs new thinking from outside the organization; Greenberg has been with the Oak Brook, IL-based company for 21 years. Earlier this year McDonald’s hired branding consultant Larry Light as chief marketing officer, and Procter & Gamble veteran Kay Napier as senior vp-marketing.
Cantalupo has spent 28 years at McD, joining as controller in 1974 and taking the helm of international operations in 1987.
Network
