Summary
McDonald's Corporation (MCD) announced a significant leadership change in an 8-K filing on April 16, 2012. Timothy J. Fenton has been elected Chief Operating Officer, effective July 1, 2012. Mr. Fenton, previously President of McDonald's Asia/Pacific, Middle East and Africa, will assume this critical operational role, succeeding to a key executive position within the company. This promotion is accompanied by adjustments to Mr. Fenton's compensation package, including a 20% increase in base salary to $750,000, an enhanced target bonus award under the annual TIP program to 125% of his base salary, and an increased target award for the three-year Cash Performance Unit Plan (CPUP) to $3,800,000. These changes reflect the increased responsibilities associated with his new COO position and are effective July 1, 2012. Investors should note that specific performance measures for the TIP and CPUP are detailed in previous SEC filings.
Key Highlights
- 1Timothy J. Fenton appointed Chief Operating Officer, effective July 1, 2012.
- 2Mr. Fenton's prior role was President of McDonald's Asia/Pacific, Middle East and Africa.
- 3Base salary increase for Mr. Fenton to $750,000, a 20% rise.
- 4Target annual bonus (TIP) increased to 125% of base salary.
- 5Target award for the Cash Performance Unit Plan (CPUP) increased to $3,800,000.
- 6Compensation adjustments are effective July 1, 2012, aligning with his new COO role.