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EDITIONS
Thursday, 5 December, 2002, 23:15 GMT
McDonald's chief to retire
McDonald's restaurant
McDonald's has been slowing its rate of expansion
McDonald's chairman and chief executive Jack Greenberg has announced he is to retire at the end of the year.

In every company's history, there is a time when it is appropriate to pass the baton

Jack Greenberg, McDonald's chief executive
He will be succeeded by Jim Cantalupo, who has previously been vice-chairman and president at the company.

The fast-food group has recently been struggling to revive sales and earnings.

Earlier this year it said it planned to slow its rate of expansion and might also cut jobs.

McDonald's shares closed up 41 cents, or 2.2%, at $18.78 on Thursday following the news.

Time for a change

"It's never easy to leave something that has brought so much professional and personal satisfaction into your life," said Mr Greenberg.

"But in every company's history, there is a time when it is appropriate to pass the baton and give a new management team the opportunity to lead, and that time has come at McDonald's."

As well as Mr Greenberg's departure, McDonald's said there would also be a shake-up in its senior management.

McDonald's has reported a drop in earnings in seven out the last eight quarters.

Price wars, the global economic slowdown and scares over the safety of beef in overseas markets, have all hit the fast-food chain.

In October it announced it was planning to open just 600 new outlets next year, compared with 1,300 scheduled openings in 2002.

And Mr Greenburg said at the time that it was "likely" that there would be some job losses.

 WATCH/LISTEN
 ON THIS STORY
The BBC's Duncan Bartlett
"These are not easy times for MacDonalds"
Dick Adams, franchise consultant
"The primary concern is in the financial viability of your business."
See also:

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19 Apr 02 | Business
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