McDonald's CEO to Retire

1 min read
Opinions expressed by Entrepreneur contributors are their own.

Oak Brook, Illinois--McDonald's Corp. Chairman and CEO Jack M. Greenberg, who has been under fire for the fast-food chain's weak performance, has announced his retirement after 21 years with the company. Jim Cantalupo, former vice chairman and president, becomes McDonald's fifth chief executive when Greenberg departs December 31.

McDonald's, a powerhouse through the '80s, has stumbled in recent years, as the U.S. fast-food market became saturated, consumer tastes began to shift and fears of mad-cow disease decimated European sales. Greenberg, who earlier this year said he would stay on until 2005, had devised several plans to improve results--most notably the costly Made for You cooking system that was supposed to produce hotter, fresher meals but also created longer lines. -Crain's Chicago Business

More from Entrepreneur
Entrepreneur Select: A Fund For Entrepreneurs, By Entrepreneurs

Entrepreneurs require more than just money, which is why we aim to empower you, as well as act as a catalyst for value creation.

Entrepreneur Insider members enjoy exclusive access to business resources for just $5/mo:
  • Premium articles, videos, and webinars
  • An ad-free experience
  • A weekly newsletter
  • A 1-year Entrepreneur magazine subscription delivered directly to you
Make sure you’re covered for physical injuries or property damage at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur