Andrew McKenna, the longtime McDonald’s Corp. director who as chairman helped guide the chain through a decade of growth and then its reversal through a sales slump, on Wednesday announced plans to step down from the company’s board.
McKenna has been on the company’s board since 1991, and served as chairman since 2004. He said he would not stand for re-election as a board member at the company’s annual meeting on May 26.
"It has been a privilege and honor to be part of McDonald’s growth and expansion throughout the years,” McKenna said in a statement. “I am confident that the board can continue to deliver on our progress to enhance long-term shareholder value.”
McKenna will be given the title chairman emeritus upon his retirement, and the company will elect a new independent chairman after the election of directors at the company’s annual meeting.
“Andy’s leadership helped guide McDonald’s through some noteworthy highs and some challenging times,” Miles White, a McDonald’s board member and chairman of its governance committee, said in a statement. “We thank Andy for his unwavering commitment and appreciate his willingness to continue sharing his insights with us.”
The retirement continues a period of major change at the Oak Brook, Ill.-based quick-service giant. A year ago, Don Thompson left as CEO and was replaced by Steve Easterbrook. The chain late last year reversed a three-year same-store sales slide in the U.S., thanks largely to the introduction of all-day breakfast.
“Andy’s business integrity is an example for all of us to follow and we are deeply indebted for his tireless dedication and counsel,” Easterbrook said in a statement.
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