Andrew McKenna is retiring from the McDonald's board following its May 26 annual meeting, the company said today.
McKenna who has been on the company's board since 1991 as chairman helped guide the chain through a decade of growth and then its reversal through a sales slump .He is also chairman emeritus of Schwarz Supply Source, which provides packaging and promotional materials, and is a director of Ryan Specialty Group, which provides insurance and risk management services.
"It has been a privilege and honor to be part of McDonald's growth and expansion throughout the years," McKenna said in a statement. "I am confident that the board can continue to deliver on our progress to enhance long-term shareholder value."
The retirement continues a period of major change at the Oak Brook, Ill.-based quick-service giant. A year ago, Don Thompson left as CEO and was replaced by Steve Easterbrook. The chain late last year reversed a three-year same-store sales slide in the U.S., thanks largely to the introduction of all-day breakfast.
McKenna will be given the title chairman emeritus upon his retirement, and the company will elect a new independent chairman after the election of directors at the company's annual meeting.
"Andy's leadership helped guide McDonald's through some noteworthy highs and some challenging times," Miles White, a McDonald's board member and chairman of its governance committee, said in a statement. "We thank Andy for his unwavering commitment and appreciate his willingness to continue sharing his insights with us."
McKenna has been a fixture in Chicago's business and civic scene for more than half a century. He was a member of former Mayor Richard M. Daley's famed kitchen cabinet and helped spearhead initiatives such as Chicago's bid for the 2016 Olympics.
Prior to McKenna's retirement, McDonald's had a 14-member board, all of whom stand for re-election each year at the shareholders meeting. It will shrink to 13 after his departure.
McDonald's has more than 36,000 locations in over 100 countries.
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