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MCD McDonalds Corp

273.29
-2.31 (-0.84%)
27 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
McDonalds Corp NYSE:MCD NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -2.31 -0.84% 273.29 276.11 270.3701 271.23 3,636,460 01:00:00

McDonald's Old CEO to Get $3 Million for Consulting -- Update

03/03/2015 11:23pm

Dow Jones News


McDonalds (NYSE:MCD)
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By Josh Beckerman 

McDonald's Corp. said its former chief executive will receive $3 million under a one-year consulting agreement, while his replacement saw a 69% increase to his base salary.

Former CEO Don Thompson, who retired effective Sunday, will receive two $1.5 million payments, one in September and another in March, the company said in a filing Tuesday.

The fast-food chain, struggling amid declining sales and menu changes, said on Jan. 28 that Mr. Thompson would step down. The company's new CEO is Steve Easterbrook, who was previously chief brand officer.

Mr. Easterbrook's base salary has been increased to $1.1 million and his target annual incentive opportunity under the Target Incentive Plan is rising to 160% of base salary from 100% of base salary.

In other moves announced in January, Pete Bensen, former chief financial officer, was named to the newly created role of chief administrative officer, overseeing the company's operations. Kevin Ozan, who was corporate controller, became chief financial officer.

McDonald's said Tuesday that Mr. Bensen's base salary was increased 5.6% to $950,000, while Mr. Ozan's base salary was increased 46.3% to $600,000.

McDonald's has said its broad, complicated menu slows service, and that it has lost touch with younger consumers, who are trading their Big Macs for seemingly healthier, fresher options, such as those at Chipotle Mexican Grill Inc. McDonald's also is losing customers to sandwich rivals like Five Guys Holdings LLC and Chick-fil-A Inc.

After the CEO change was announced, Mr. Easterbrook has said he is an "internal activist" who plans to create a "modern, progressive burger company," according to David Tarantino, an analyst at Robert W. Baird & Co. who met with Mr. Easterbrook.

McDonald's last month said its sales fell a worse-than-expected 1.8% in January amid continued weakness in Asia, though U.S. and Europe segments showed signs of improvement.

Annie Gasparro contributed to this article.

Write to Josh Beckerman at josh.beckerman@wsj.com

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