Majority of McDonald's Franchisees Support No-Confidence Vote on CEO, Poll Shows--CNBC

--An overwhelming majority of McDonalds's Corp. franchisees are expressing a lack of confidence in the company's Chief Executive Officer and its U.S. president, according to a survey of owners, CNBC reported.

--An independent franchise advocacy group for McDonald's owners, called the National Owners Association, recently surveyed members on changes being made to franchisee lease terms, CNBC reported.

--The poll found that 87% of respondents support calling a vote of no confidence on CEO Chris Kempczinski and U.S. president Joe Erlinger, CNBC reported.

--The results also showed nearly 100% of franchisees thought the company should have consulted owner leaders before announcing changes to the franchise system, CNBC reported. Also, 95% said they think the company's senior corporate management does not have the best interest of owners in its franchising approach, CNBC reported.

--The NOA has roughly 1,000 members, and almost 700 responded to the poll, said CNBC.

--Company representatives and representatives of the NOA didn't immediately return requests for comment from Dow Jones Newswires.

--McDonald's shares are trading at $253.98, and are down 5.3% for the year.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

July 18, 2022 11:55 ET (15:55 GMT)

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