Pfizer, AstraZeneca Bolster French Economy with Nearly $1 Billion Investment 
Apple Reportedly Inks Deal with Samsung for Foldable Displays, Hints at Future Products 
JPMorgan, Susquehanna Make Bold Moves with Bitcoin ETF Investments 
OpenAI's Sam Altman Proposes 'Universal Basic Compute' as AI Job Threat Looms 
Amazon, Microsoft Boost French Tech Sector with Multibillion-Euro Investments 
Kith and ASICS Gear Up for an Exclusive Sneaker Launch Inspired by South Korea 
SEC Opens Investigation into Boeing Co. over Safety Statements 
WNBA Star A'ja Wilson to Launch Own Signature Nike Shoe 
South Korea Backs Naver in Business Rift with Japan Over Line App 
South Korea Commits $7 Billion to Boost Semiconductor Industry 
Major Investments by Lilium and KL1 Set to Boost French Economy 
Samsung Follows Apple, Abandons Autonomous Driving and EV Research Initiatives 
Sriracha Shortage Predicted as Huy Fong Foods Stops Production of Famous Chili Sauce 
McDonald’s Sets Up Digital Marketing Fund to Introduce New Ordering Channels, Loyalty Program 
Lufthansa CEO Labels Boeing Delays 'Extremely Annoying' 
Sam Altman Denies New Search Engine; OpenAI Rumored for Voice AI Launch 
McDonald's has changed its board of directors, as the current chairman is retiring after 28 years. Enrique "Rick" Hernandez Jr. served as chairman for eight years and spent over two decades on the board.
Dual Roles for Company Chief
To fill the seat that Hernandez will vacate, McDonald's appointed its current chief executive officer, Chris Kempczinski, as the new chairman. He will assume the role while remaining the company's CEO.
Restaurant Business Online reported that this will be the first time in 20 years that McDonald's combines the CEO and chairman roles as the veteran director is set to step down. The fast-food giant announced the retirement and appointment of the executives on Tuesday, March 19.
Board Nominations at McDonald's
It was mentioned that Jim Cantalupo was the first company executive to hold both the chairman and CEO roles, and this was in 2004. Kempczinski will now be the second McDonald's executive to hold two high positions simultaneously in the company.
In any case, the burger joint also shared that Miles White has become the Lead Independent Director. Moreover, to replace Hernandez on the board, McDonald's will nominate Mike Hsu, the chief executive officer of Kimberly-Clark Corporation, for a seat.
"It has been an honor 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," Hernandez said in a press release. "As I reflect on my tenure with McDonald's, I am 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."
He added, "Having served alongside Chris, who is now in his fifth year as CEO, 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."
Photo by: Daniel Way/Unsplash
