McDonald’s releases pay data
McDonald’s former CEO Don Thompson’s compensation fell more than 20% in his final full year at the helm, a year in which the company’s performance “fell significantly short of expectations,” McDonald’s board said.
In its letter to shareholders, McDonald’s board acknowledged that shareholders have been looking for more transparency in what the board does, especially when it comes to “driving improved operating performance.”
Last year, McDonald’s net profit plunged 15% and revenue fell 2%. The company faced a variety of issues including heightened competition from nimble competitors and a supplier safety issue in Asia.
The board named Steve Easterbrook to succeed Thompson as CEO this year. Thompson’s total compensation fell to about $7.3 million in 2014 from about $9.5 million in 2013, which was also sharply lower than 2012’s total compensation of almost $13.8 million.