Enrique Hernandez, McDonald’s longtime board of directors’ chair, has announced his retirement effective as of the company’s 2024 annual shareholders’ meeting. He has served in that role for eight years and has spent nearly three decades with the company.
Following his retirement, Chris Kempczsinski will assume the combined role of CEO and chairman. He has been CEO of the chain since 2019.
Also, Miles White will assume the role of lead independent director, while Mike Hsu, chairman and CEO of Kimberly-Clark Corporation, has been nominated as an independent director of the board.
"It has been an honor to serve on the McDonald's Board and witness first-hand how the company has evolved to become one of the world's most recognizable and successful brands," Hernandez said in a statement. “As I reflect on my tenure with McDonald's, I'm inspired by the remarkable leaders with whom I've had the privilege to serve. Starting with Fred Turner, these leaders became my partners and friends and I'll forever cherish those relationships."
During Hernandez’s time on the board, McDonald's has delivered over 2,000% in total shareholder return and has more than doubled its restaurant count, including expanding into more than 100 markets.
“Rick has been a tremendous advisor to McDonald's since joining the board in 1996, including serving alongside eight McDonald's CEOs. His vision, thoughtful counsel, and dedication to McDonald's created a blueprint for us all in how to navigate change and uphold our leading position in the industry," Kempczinski said in a statement. "On behalf of the Board, I would like to thank Rick for his unwavering commitment and leadership to McDonald's."
He added that as chair, he is committed to advancing the company’s Accelerating the Arches strategy and continuing to deliver strong performance.
"In today's dynamic environment, I will ensure that McDonald's remains nimble as we continue building the strength of the McDonald's brand and work alongside our new Lead Independent Director Miles White to uphold accountability and governance,” he said.
With more than 30 years of experience in the consumer products industry, Hsu has been nominated to McDonald's board of directors. Before becoming CEO in January 2019, Hsu served as Kimberly-Clark's president and chief operating officer.
In August, Rick Lenny retired from McDonald's board after nearly 20 years. Last year, Robert Eckert and John Rogers Jr. announced their retirement from the board after each serving 20 years. Also last year, McDonald’s board elected four new independent directors — Tony Capuano, Jennifer Taubert, Amy Weaver and Kareem Daniel — and announced another retirement from Sheila Penrose.
Contact Alicia Kelso at [email protected]