Summary
This 8-K filing announces a significant leadership transition at McDonald's Corporation. James A. Skinner, Vice Chairman and CEO, has decided to retire from his roles effective June 30, 2012, after a period of service. His retirement also includes his resignation from the Board of Directors, which will consequently be reduced in size. Donald Thompson, currently President and Chief Operating Officer, has been elected as the new Chief Executive Officer, effective July 1, 2012. He will continue in his current role as President. In conjunction with this promotion, Mr. Thompson's compensation package will be adjusted, including an increase in base salary, a higher target award under the annual bonus program (TIP), and an increased target award for the long-term Cash Performance Unit Plan (CPUP). This transition marks a key moment for McDonald's as it moves forward under new executive leadership.
Key Highlights
- 1James A. Skinner to retire as Vice Chairman and CEO effective June 30, 2012.
- 2Skinner will also resign from the McDonald's Board of Directors.
- 3The Board of Directors will be reduced in size to 13 members effective June 30, 2012.
- 4Donald Thompson elected as Chief Executive Officer, effective July 1, 2012.
- 5Thompson will retain his position as President.
- 6Thompson's base salary will increase by 26% to $1,100,000, effective July 1, 2012.
- 7Increased target awards for Donald Thompson under the 2012 Target Incentive Plan (150% of base salary) and the Cash Performance Unit Plan ($8,000,000).