McDonald’s Corporation has announced the retirement of Enrique “Rick” Hernandez, Jr. as non-executive chairman of its board of directors, effective as of the date of the company’s 2024 annual shareholders’ meeting. Following his departure, Chris Kempczinski will assume the combined role of chief executive officer and chairman, and Miles White will assume the role of lead independent director.
The company also announced the nomination of Mike Hsu, chairman and chief executive officer of Kimberly-Clark Corporation, as an independent director of the board.
“It has been an honor to serve and witness first-hand how the company has evolved to become one of the world’s most recognizable and successful brands,” said Hernandez. “Reflecting on my tenure, I’m inspired by the remarkable leaders with whom I’ve had the privilege to serve. Starting with Fred Turner, these leaders became my partners and friends and I’ll forever cherish those relationships.”
During his 28 years of service on the board, McDonald’s has delivered over 2,000% in total shareholder return. The company also more than doubled its restaurant count, including expanding into more than 100 markets.
“Having served alongside Chris, who is now in his fifth year as chief executive officer, I know he is uniquely placed to unify the two roles of ceo and chairman to ensure McDonald’s advances in lockstep with today’s ever-changing business and social landscape,” continued Hernandez. “Now is the right moment to evolve that board’s structure, and I look forward to seeing McDonald’s continue to flourish for years to come as a lifelong supporter, advocate and customer.”
McDonald’s ranks as the world’s leading foodservice operators with over 40,000 outlets in over 100 countries. Approximately 95% of its restaurants are owned and operated by independent local business owners.
