McDonald's Replaces US Head Amid Sales Growth Miss
McDonald's has replaced its head of US business after missing second-quarter sales growth expectations. The company cited execution lapses as the reason for the miss, specifically blaming a heavy calendar of promotions that overwhelmed restaurant crews and led to dissatisfied customers.
The new US head is Skye Anderson, a 26-year McDonald's veteran who has served as U.S. chief operating officer. She will oversee roughly 14,000 restaurants in the United States, the company's largest market.
Anderson's appointment follows a plan initiated earlier in the year and was described by CEO Chris Kempczinski as a 'change agent' who can 'unlock superior performance'. Kempczinski praised Anderson's lengthy tenure at the company and said she will focus on reaccelerating customer traffic and improving franchisee cash flow.
The leadership shake-up has been interpreted by some analysts as a sign of impatience at the top, with Citi analysts saying it signals management's dissatisfaction with recent performance. TD Cowen analysts are looking forward to Anderson's plans to improve sales and profit growth initiatives.