New Management Named

McDonald's Corporation announced May 26 that it has completed its acquisition of the Boston Market business and has named two executiveofficers to lead the business, effective immediately.

James R. Cantalupo, vice chairman and president of McDonald's Corporation, announced that Jeffrey B. Kindler, currently executive vice president of McDonald's [7], will serve as chairman and CEO of Boston Market. Michael D. Andres, currently senior vice president of McDonald's, has been named president and COO. J. Michael Jenkins, who has served as the chairman and CEO of Boston Market since May 1998, will become a resource for Kindler and Andres and, having passed the baton to them, is seeking other opportunities within the restaurant industry. The other members of Boston Market management will continue in their current positions.

"Jeff Kindler and Mike Andres are executives who bring strong leadership skills as well asvaluable knowledge of McDonald's resources and competencies to our effort to grow the Boston Market business," Cantalupo said. "Under their management, I believe we will continue to maximize the potential of this exciting brand." In connection with last week's bankruptcy court approval, Boston Market closed approximately 100 underperforming restaurants or restaurants with unfavorable lease terms.

As previously announced, McDonald's plans to convert certain sites to McDonald's as well as Donatos Pizza and Chipotle Mexican Grill locations over the course of the next year. After those conversions are complete, however, the company will continue to operate a significant majority of the more than 750 restaurants as Boston Market.

"We recognize the tremendous potential of the Boston Market brand and the loyalty of its customers. I'm honored to join the Boston Market family and look forward to working shoulder-to-shoulder with the outstanding people who make this such a terrific brand," Kindler said. "I'm also grateful to Mike Jenkins for his work in keeping Boston Market a strong, viable company," Kindler continued. "Over the past two years, Mike and his team have done a great job, under difficult circumstances, in improving Boston Market's operations and in enhancing the chain's profitability." With the acquisition complete, Boston Market will begin to explore opportunities for growth.