The shares of McDonald’s Corporation (NYSE:MCD) soared up to 5 percent after its CEO, Don Thompson, has left the chair after 25 years. Steve Easterbook would be the new CEO of the restaurant-chain company effective from March 1. It is important to consider that Easterbook has successfully improved revenue streams for the UK and European business units of the company.
While talking about the management changes, the non-executive chairman of the board of directors for McDonald’s, Andrew McKenna, said,
“Steve is a strong and experienced executive who successfully led our UK and European business units and the Board is confident that he can effectively lead the Company to improved financial and operational performance.”
After being announced as the new CEO of McDonald’s Corporation (NYSE:MCD), Easterbook said,
“I am honored to lead this great brand, and am committed to working with our franchisees, suppliers and employees to drive forward our strategic business priorities to better serve our customers.”
Easterbook is known for improving the image of the fast-food company in U.K. and the market share of McDonald’s Corporation (NYSE:MCD) rose from 12 percent in 2006 to 15.7 percent in 2013 under his leadership. At the same time, he has made significant contributions in the digital marketing efforts of the fast-food chain. Easterbook was also in the team that helped McDonald’s Corporation (NYSE:MCD) launch Apple Pay within 10 weeks.
While talking at an event, Easterbook said,
“Knowing how it feels to turn around the business, I can’t wait to have that feeling again. That’s what drives it for me. We are typically a risk averse company. (But) time doesn’t allow you to do that when you are in a turnaround. We try to add some pace and add some agility.”
The shares of McDonald’s are trading at $93.27 with current P/E ratio of 19.34.
This article has been written by Prakash Pandey.