Summary
McDonald's Corporation (MCD) announced a significant executive departure on September 21, 2016, relating to the resignation of David Hoffmann, President of High Growth Markets, effective September 16, 2016. Notably, Mr. Hoffmann will forfeit certain benefits, including unvested cash and equity incentive awards, due to his failure to meet departure conditions such as executing a non-compete agreement. This development impacts the leadership of the High Growth Markets segment. In response to Mr. Hoffmann's resignation, Joseph Erlinger has been appointed to lead the High Growth Markets, effective immediately. Mr. Erlinger previously held the position of Chief Financial Officer for High Growth Markets and has prior experience as Managing Director of McDonald's South Korea and General Manager of the Indianapolis region. Investors should monitor the performance of the High Growth Markets segment under new leadership.
Key Highlights
- 1David Hoffmann, President of High Growth Markets, resigned from McDonald's Corporation.
- 2Mr. Hoffmann's resignation was effective September 16, 2016.
- 3Due to failure to meet departure conditions, Mr. Hoffmann will forfeit unvested cash and equity incentive awards.
- 4Joseph Erlinger has been appointed to lead the High Growth Markets segment, effective immediately.
- 5Mr. Erlinger's prior roles include CFO of High Growth Markets, Managing Director of McDonald's South Korea, and General Manager of the Indianapolis region.