Despite Profit Declines, McDonald's Backs CEO Greenberg for Three More Years

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Oak Brook, Illinois--McDonald's Corp., under pressure to reverse more than a year of quarterly profit decline, said chairman and chief executive Jack Greenberg agreed to a board of directors' request to stay on as the company's leader for three more years. The oral agreement was disclosed in the company's fiscal 2001 report to the Securities and Exchange Commission. Many on Wall Street said just because the arrangement was disclosed in a public filing, that doesn't mean Greenberg definitely will remain with McDonald's through 2005. Instead, they viewed it more as an effort to quell unsubstantiated rumors that McDonald's board has lost confidence in the management team--an assertion the company has vehemently denied. -Nation's Restaurant News

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur