McDonald's reshapes board as longtime member Penrose retires

By AP News

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McDonald’s is reshaping its board, including the exit of a board member recently targeted by activist investor Carl Icahn over how pigs used in the chain’s food are treated.

McDonald’s is reshaping its board, including the exit of a board member recently targeted by activist investor Carl Icahn over how pigs used in the chain’s food are treated.

Sheila Penrose, who is retiring, has been a McDonald's board member for 15 years. She was in charge of the sustainability and corporate responsibility committee.

Billionaire Carl Icahn nominated two alternative board candidates earlier this year in an attempt to force changes at the world's biggest burger chain over how it sources the pork used in its bacon cheeseburgers and sausage patties. Icahn sought to unseat Penrose and Richard Lenny, the former CEO of Hershey.

Shareholders resoundingly rejected Icahn's campaign , which garnered the support of only 1% of the company’s outstanding shares. Penrose maintained overwhelming support from shareholders as well, as did Lenny.

McDonald's, based in Chicago, did not say why Penrose is retiring now but it lauded her contributions to the company.

“She’s helped to spearhead our sustainability efforts and advocated on behalf of the larger role that McDonald’s plays in communities around the world,” said CEO Chris Kempczinski. "I will miss her.”

In addition to the departure of Penrose, McDonald's is adding three new board members.

Tony Capuano, CEO of Marriott International; Jennifer Taubert, executive vice president and worldwide chairman, pharmaceuticals at Johnson & Johnson; and Amy Weaver, president and chief financial officer at Salesforce, will join the board on Oct. 1, a day after Penrose retires.

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Consumer Discretionary
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Johnson & Johnson

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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