Andrew J. McKenna, the Chairman of McDonald's Corporation, who has spent over three and half decades with the company — including over a decade as chairman — is poised to retire after a long tenure in the fast-food industry.
On April 6, McDonald's confirmed that its long-time chairman McKenna would be stepping down from the fast-food company's board post the annual shareholder meeting in May.
The election of a new company chairman will occur after the annual shareholder meeting, which is slated for May 26. The chairman will be elected from the current board itself. McKenna will not be standing for re-election and will go on to become Chairman Emeritus for the Oak Brook, Illinois-based company.
For the unfamiliar, 86-year-old McKenna was an independent director on McDonald's board for 25 years and undertook the mantle of the company's chairman for the last 12 years.
It was in 1991 that McKenna joined McDonald's board — at a time when the fast-food chain was channeling its attention on international growth. The company had just opened its first international joint in Moscow, Russia, and went on to open another one in 1992 in Warsaw, Poland.
Since then, McDonald's has come a long way and grown to become the biggest restaurant company on the basis of sales. The company now has operations in more than 100 countries and encompasses 36,000 locations.
A well-known figure in the elitist business circles of Chicago, McKenna has often been lauded with the moniker "the power behind the throne."
In 2014, he was named in Chicago Magazine's list of 100 Most Powerful Chicagoans. Such was McKenna's clout that he has been described as "a bigwig other bigwigs seek out for advice." McKenna is also on the board of Chicago Bears and has the distinction of chairing White Sox and Cubs.
Miles White, Chairman of the Governance Committee of the Company's Board of Directors, noted that "Andy's" leadership skills were instrumental in guiding McDonald's through "some noteworthy highs and some challenging times." He also thanked McKenna for his "unwavering commitment."
Steve Easterbrook, McDonald's CEO, was all praises for the retiring chairman and took to Twitter to share his thoughts.
Leadership, integrity & cmtmt to excellence
exemplify Andy McKenna. Thanks for 25 yrs of unwavering service to $MCD https://t.co/UsJU6rnrMO— Steve Easterbrook (@SteveEasterbrk) April 6, 2016
"It has been a privilege and honor to be part of McDonald's growth and expansion throughout the years. I am confident that the Board will continue to deliver on our progress to enhance long-term shareholder value," said McKenna in the parting note.
