McDonald’s Adds Three New Directors to Board
is shaking up its board of directors with the departure of longtime member
and the addition of executives from
Marriott International Inc.,
Ms. Penrose, who leads the board’s sustainability and corporate responsibility committee, will retire from the board effective Sept. 30, the fast-food chain said Monday. She has served on the board since 2006.
Ms. Penrose’s departure comes months after her seat on the McDonald’s board was challenged by activist investor
who criticized the fast-food chain over its suppliers’ treatment of pregnant pigs. At the time, Mr. Icahn also targeted a seat held by
the former chief executive of
Enrique Hernandez Jr.
said Monday that Ms. Penrose has overseen the company’s progress on climate, responsible sourcing and diversity, equity and inclusion goals.
McDonald’s said it has elected Marriott CEO
J&J Worldwide Chair of Pharmaceuticals
and Salesforce Chief Financial Officer
to the board effective Oct. 1.
The new additions increase the size of the board to 14, and increase the number of women on the board from three, including Ms. Penrose, to four.
The move also comes after executives warned last month that the business outlook remains uncertain amid inflation and weakening consumer sentiment.
McDonald’s said last month that for the recently ended quarter, higher prices and value-menu offerings pushed same-store sales up 3.7% in the U.S. from a year earlier, outpacing analysts’ expectations. Overall revenue, though, fell 3%, mostly because of the stronger U.S. dollar.
Write to Will Feuer at firstname.lastname@example.org
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the August 23, 2022, print edition as ‘McDonald’s Shakes Up Board and Increases Its Size.’