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

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. Murray Energy expects to lay off as many as 1,800 more
  2. Developer hopes to make Allegheny Center a tech hub
  3. Pa. sees widespread job gains; jobless rate holds at 5.3%
  4. BNY Mellon promotes executive
  5. CVS to enter elder-care market with acquisition of drug distributor Omnicare
  6. IRS refunds $10M to tax preparers who paid to take competency test
  7. McDonald’s CEO ‘proud’ of pay hike
  8. BNY Mellon to pay $180M to end foreign-exchange lawsuit
  9. Lumber Liquidators CEO abruptly resigns
  10. Home sales slipped in April on tight supply, high prices
  11. Minorities lose out on lending, survey reports