It was a tumultuous week for McDonald’s. The burger giant fired i CEO Steve Easterbrook, a man known as a “turnaround expert” for leading the chain to 11 straight positive quarters of same-store sales. In a press release on Sunday, Nov. 3, McDonald’s said Easterbrook was terminated for having a consensual affair with a subordinate, which is against McDonald’s policy.
McDonald’s had a succession plan in place and immediately promoted Chris Kempczinski from president to CEO. Despite the surprising executive changes, McDonald’s stock barely dropped, declining 3% at close of business on the Monday after the announcement.
In this Extra Serving, senior editor Nancy Luna explains what this week of news for McDonald’s means and what where the new CEO Kempczinski will take the chain next.
—Holly Petre produced this podcast.