Dollars and Jens
Monday, April 19, 2004
The new CEO of McDonald's died this morning:
When James Cantalupo became chairman and chief executive of McDonald's in January 2003, he set out a plan to reverse the company's missteps under former CEO Jack M. Greenberg. Cantalupo's untimely death this morning from an apparent heart attack at a company convention in Florida leaves unfinished efforts that were just beginning to show results.Fortunately for the company's shareholders, it wasn't a one-man operation. The board apparently had done one of its most important jobs -- preparing for an event like this one:
Cantalupo, a 28-year veteran of the company, started by returning its focus to McDonald's core menu and unwinding the so-called partner brands acquired by Greenberg. The company had spent $325 million buying non-hamburger chains like Donatos Pizzeria, Boston Market and Chipotle Mexican Grill. The deals were duds that cost McDonald's management time and money, and in December it sold Donatos back to its founder for $50 million, half of what it had paid.
Today, following the sudden death of Chairman and Chief Executive Officer Jim Cantalupo, the board of directors of McDonald's Corporation announced that Charlie Bell, 43, currently President and Chief Operating Officer, has been elected President and CEO. The Board also announced that Andrew J. McKenna, 74, the Board's presiding director, has been elected non-executive Chairman of the Board.They should be able to finish what Cantalupo started.