McDonald's gives former and new CEOs big pay bumps
By The Associated Press
Published: 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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Marcellus shale driller Noble Energy Inc. sinks roots into Pittsburgh
- Dick’s Sporting Goods benefits from winter as 4Q profit rose 7%
- ‘Fresher, different, lot more fun’ guide changes at Kings Family Restaurants
- Profit falls at American Eagle Outfitters on sales decline, charges
- Minorities crucial to filling Marcellus shale gas drilling jobs
- Regular IRA or Roth? Pick either
- Diaper makers do due diligence
- Winter storms held back economic growth across U.S., Fed’s Beige Book survey reveals
- Sbarro again files for bankruptcy reorganization
- 1,500 Bangladesh factories set to be inspected by August
- CVS suit could be test case