TribLIVE

| Business

 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

McDonald's gives former and new CEOs big pay bumps

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

MCD $103.59 +$1.60

at close on FRIDAY

'American Coyotes' Series

Traveling by Jeep, boat and foot, Tribune-Review investigative reporter Carl Prine and photojournalist Justin Merriman covered nearly 2,000 miles over two months along the border with Mexico to report on coyotes — the human traffickers who bring illegal immigrants into the United States. Most are Americans working for money and/or drugs. This series reports how their operations have a major impact on life for residents and the environment along the border — and beyond.

By The Associated Press
Saturday, April 13, 2013, 12:01 a.m.
 

McDonald's Corp. more than tripled the pay packages last year for its new CEO Don Thompson and the man he replaced, Jim Skinner.

The pay increases from the world's biggest hamburger chain were given during a challenging time for the industry.

McDonald's, based in Oak Brook, Ill., gave Thompson a package worth $13.8 million, up from the $4.1 million he received in 2011, according to a regulatory filing Friday.

Thompson, 50, had been serving as chief operating officer and took over for Skinner in July. He inherited the top post at a time when McDonald's is facing intensifying competition at home and difficult economic conditions. around the world.

Late last year, a monthly sales figure dropped for the first time in nearly a decade. The fast-food chain fired the head of its U.S. business soon after and has renewed its emphasis on its Dollar Menu and overall value.

The troubles come after a period of strong growth for McDonald's, which had managed to grow even through the recession and was a standout in the industry. The success was largely credited to the company's “Plan to Win,” which was rolled out in 2003. Under the plan, McDonald's scaled back on new stores openings, got rid of unprofitable businesses and expanded its menu items.

Skinner, who had been CEO since 2004, was among the group of executives that designed the plan.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. ATI to benefit from WTO ruling against China in steel case
  2. Cost-cutting at Kraft Heinz extends to refrigerator
  3. Muni bond funds stressed
  4. GNC to convert more stores to franchises as sales, profits slip
  5. Kennametal expects to consolidate plants as it shrinks manufacturing in continuing streamlining; profit drops
  6. U.S. asks Supreme Court to reinstate convictions of portfolio managers who won on appeal
  7. Home rental prices jumped again in June
  8. Post-Gazette offers voluntary buyouts in bid to avoid layoffs
  9. Economy’s 2Q best since last year
  10. Range Resources cuts workforce 11%
  11. Facebook ready to test giant drone