Industry News | July 12, 2001

McDonald's promotes Lederhausen

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McDonald's Corp. (NYSE:MCD) on Thursday said it promoted Mats Lederhausen to executive vice president, strategy and business development, signaling its growing emphasis on new concepts and ways to bolster sales in the competitive fast-food market.

"As McDonald's moves forward, strategic development will play an increasing role in defining our company's future,'' Chairman and Chief Executive Jack Greenberg said in a statement. Lederhausen's "deep McDonald's operations experience, coupled with his consulting background, will help us develop and refine our long-term business strategies.''

Lederhausen, formerly senior vice president, corporate strategy, began his McDonald's career as a restaurant crew member in Sweden in 1979, subsequently holding restaurant management and director of operations positions.

Under his leadership, the company's Swedish operations grew to nearly 170 restaurants from 40. Lederhausen, 37, joined the corporate staff in 1999 as vice president, corporate strategy. McDonald's, which recently made a number of top-level management changes, has seen profits in recent quarters erode, in part due to flagging sales in Europe and a strong U.S. dollar.

Shares of McDonald's, based in the Chicago suburb of Oak Brook, Illinois, were up 19 cents to $26.83 in late-morning trading on the New York Stock Exchange.