CHICAGO — McDonald’s Corporation announced the retirement of Enrique “Rick” Hernandez, Jr. as non-executive Chairman of the company’s Board of Directors, effective as of the date of the company’s 2024 annual shareholders’ meeting. Chris Kempczinski will assume the combined role of CEO and Chairman of the Board, and Miles White will assume the role of lead independent director.
The company also announced the nomination of Mike Hsu, Chairman and CEO of Kimberly-Clark Corporation, as an independent director of the Board. Before becoming CEO in January 2019, Hsu served as Kimberly- Clark’s president and Chief Operating Officer.
“It has been an honour to serve on the McDonald’s Board and witness first-hand how the company has evolved to become one of the world’s most recognizable and successful brands,” says Hernandez. “As I reflect on my tenure with McDonald’s, 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 more than 2,000 per cent 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 CEO, I know he’s 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,” says 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.”
“I’m pleased to welcome a leader of Mike’s caliber as a nominee to the Board of Directors as we continue to build on the strength of the brand and drive long-term value for all stakeholders,” says Kempczinski. “Mike is a veteran of the consumer-products industry with a global perspective that will be invaluable to McDonald’s as we continue to steer the company towards sustained growth.”
