CEO Greenberg rises to McDonald's chairman

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McDonald's Corp. President-CEO Jack Greenberg, 56, is being promoted to chairman-CEO, succeeding Chairman Michael Quinlan, 54, a 36-year company veteran. Mr. Quinlan will remain on the board and be chairman of the executive committee. The $36 billion fast-feeder made this and other announcements today at its annual shareholders meeting and a following press briefing in Chicago. Mr. Greenberg joined McDonald's in 1982 as exec VP-chief financial officer and was promoted to president-CEO in April 1998. The move comes amid strong sales at McDonald's.

Mr. Greenberg said the company will "continue to focus on expansion of its core brand." He told reporters McDonald's is stopping its acquisition of other restaurant concepts for now. It has acquired three brands in the past year, most recently the Donatos pizza chain in Ohio. He views the acquisition of brands as a long-term developmental initiative. Alan Feldman, president of McDonald's USA, said the company is testing more products today than it has in the past 25 years, including McSalad Shakers, yogurt parfaits, a new shake and new chicken sandwiches. Expansion of its bagel line to 6,000 units this spring has been an unexpected hit, officials said. The product could be chainwide within a year.

Mr. Feldman added that McDonald's plans to continue dividing its media spending this year with 40% for national network advertising and 60% for local. McDonald's spent $570 million on measured media last year, according to Competitive Media Reporting.

Copyright May 1999, Crain Communications Inc.

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