CHICAGO — McDonald’s Corp. announced on March 19 that Chris Kempczinski will assume the combined role of chief executive officer and chairman of the board following the retirement of Enrique “Rick” Hernandez Jr. as non-executive chairman of the company’s board of directors effective as of the date of the company’s 2024 annual shareholders’ meeting. Miles White will assume the role of lead independent director. Also announced was the nomination of Mike Hsu, chairman and CEO of Kimberly-Clark Corp., as an independent director of the board.

“It has been an honor to serve on the McDonald’s board and witness firsthand how the company has evolved to become one of the world’s most recognizable and successful brands,” said Rick Hernandez, McDonald’s chair. “As I reflect on my tenure with McDonald’s, I’m inspired by the remarkable leaders with whom I’ve had the privilege to serve. Starting with Fred Turner, these leaders became my partners and friends and I’ll forever cherish those relationships.”

During Hernandez’s 28 tenure on the McDonald’s board, the company has delivered over 2,000% in total shareholder return. Also during his service, McDonald’s more than doubled its restaurant count, including expanding into more than 100 markets.

“Rick has been a tremendous advisor to McDonald’s since joining the Board in 1996, including serving alongside eight McDonald’s CEOs,” said Chris Kempczinski, McDonald’s president and CEO. “His vision, thoughtful counsel, and dedication to McDonald’s created a blueprint for us all in how to navigate change and uphold our leading position in the industry. On behalf of the board, I would like to thank Rick for his unwavering commitment and leadership to McDonald’s.”

Kempczinski added, “I am honored to assume the role of chairman of the board of directors of McDonald’s following our annual shareholders’ meeting. As chairman and CEO, I am committed to advancing our Accelerating the Arches strategy and continuing to deliver strong performance. In today’s dynamic environment, I will ensure that McDonald’s remains nimble as we continue building the strength of the McDonald’s brand and work alongside our new Lead Independent Director Miles White to uphold accountability and governance.”

Mike Hsu, chairman of the board and CEO of Kimberly-Clark brings more than 30 years of experience in the consumer products industry to his nomination to McDonald’s board of directors. Prior to becoming CEO of Kimberly-Clark, he served as its president and chief operating officer.

“It is an honor to be nominated to McDonald’s board and to be part of what is undeniably one of the most iconic and beloved brands,” Hsu said. “I am excited to partner closely with Chris and the board as McDonald’s continues to deliver strong performance and drive real impact in communities across the world.”

“I am pleased to welcome a leader of Mike’s caliber as a nominee to the board of directors as we continue to build on the strength of the brand and drive long-term value for all stakeholders,” Kempczinski said. “Mike is a veteran of the consumer products industry with a global perspective that will be invaluable to McDonald’s as we continue to steer the company towards sustained growth.”