8-KLeadership Changes

MCDONALDS CORP 8-K Report, Executive Changes (Sep 21, 2016)

Filed September 21, 2016For Securities:MCD

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.

Frequently Asked Questions

David Hoffmann resigned from his position as President, High Growth Markets, on September 16, 2016. The filing indicates he did not satisfy certain departure conditions, including the execution of a non-compete agreement.

As a result of not meeting the departure conditions, Mr. Hoffmann will forgo favorable post-termination treatment and will forfeit all unvested cash and equity incentive awards.

Joseph Erlinger has been appointed to lead the Company's High Growth Markets, effective immediately, succeeding Mr. Hoffmann.

Mr. Erlinger previously served as Chief Financial Officer for High Growth Markets. His prior experience includes being the Managing Director of McDonald's South Korea and General Manager of the Indianapolis region.