CHICAGO — Christopher J. Kempczinski, chief executive officer of McDonald’s Corp., will take on the additional role of 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. In addition, Mike Hsu, chairman and CEO of Kimberly-Clark Corp., has been nominated as an independent director of the board.

“I am honored to assume the role of chairman of the board of directors of McDonald’s following our annual shareholders’ meeting,” Kempczinski said. “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.”

Kempczinski joined McDonald’s Corp. in 2015, overseeing global strategy, business development and innovation. He has been CEO since 2019. Prior to McDonald’s, Kempczinski was with Kraft Foods, serving as executive vice-president of growth initiatives and president of Kraft International. During his time at Kraft, he also was president of Kraft Canada and senior vice-president of US Grocery. Earlier, he worked at PepsiCo, Inc., including as vice-president of marketing for non-carbonated beverages within Pepsi-Cola North America Beverages. He began his career as a management consultant at the Boston Consulting Group.

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.

“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,” Hernandez said. “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.”

Commenting on Hernandez’ tenure, Kempczinski said, “Rick has been a tremendous adviser to McDonald’s since joining the board in 1996, including serving alongside eight McDonald’s CEOs. 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.”

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 was president and chief operating officer.