McDonald's Corp chairman and chief executive Jim Cantalupo, credited with recently turning around the iconic American fast-food company, died on Monday of an apparent heart attack, and the company named a successor within hours.
McDonald's appointed Australian Charlie Bell, the 43-year-old chief operating officer who had been seen as heir apparent, to replace Cantalupo as its first non-American CEO.
PHOTO: AP
Cantalupo, 60, died while attending a McDonald's franchisee convention in Orlando, Florida. The death of a chief executive known for his affable personality and high energy shocked restaurant operators attending the meeting, which is held every two years.
Cantalupo came out of retirement early last year to take the helm of the world's largest restaurant company after former CEO Jack Greenberg resigned under pressure.
Company officials declined to comment on Cantalupo's health history. He was taken to a local hospital early in the morning and died there, McDonald's spokesman Walt Riker said.
Cantalupo's death comes as McDonald's is faced with defining its role in a growing obesity crisis, which has attracted some lawsuits blaming the company and the fast-food industry. Cantalupo helped develop the company's anti-obesity campaign, a recent push to promote healthier menu choices and exercise.
McDonald's stock pared some early losses after slumping more than 3 percent on concern over who would take the helm of an empire that spans 119 countries and some 30,000 hamburger restaurants, as well the Boston Market and Chipotle chains.
The company also named Andrew McKenna, 74, its presiding director, as nonexecutive chairman. McKenna, chairman and chief executive of printer Schwarz Paper Co, reached board retirement age at 73 but was asked to stay on during the company's turnaround. He joined the board in 1991.
Many on Wall Street had long speculated that Bell was being groomed to take over McDonald's top post. He, too, has been deeply involved in McDonald's revitalization, with an eye toward marketing, store refurbishment and hands-on operational improvements.
"Charlie is a great operator," said JMP Securities analyst Dean Haskell, who rates McDonald's shares "market perform."
"He has been with the business from the ground up. He obviously will continue the policies that Jim Cantalupo has begun in turning the company around. We're glad the board moved decisively."
Cantalupo, a nearly 30-year company veteran, acted quickly upon his return to focus on improved food and service, leading to a revitalization of McDonald's US market, its largest. Sales showed steady improvement in recent months after flagging for a sustained period.
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