The most wonderful time of the year isn’t without its share of corporate scandal.
Two of the largest companies in America — Boeing and McDonald’s — have encountered considerable controversy regarding the actions of their executives in recent months. That has set off overhauls in the C-suite, with several leaders landing new roles.
We’ve had our eyes on those changes and other executive moves this month. Here are some of the latest.
Something’s burning at McDonald’s…
It’s been a rough Q4 for McDonald’s. With its stock fresh off a two-month skid, the fast food giant conducted an investigation and discovered then-CEO Steve Easterbrook had engaged in a consensual relationship with an employee. That violated company policy, so McDonald’s sent him packing.
To fill that void, the company elevated Chris Kempczinski, the President of McDonald’s USA, to the CEO position.
He steps into the role in the midst of significant turmoil. Franchisees are finding themselves at odds with the brand over sweeping and expensive improvements, many of which Kempczinski had a hand in. Workers also made headlines with a class-action lawsuit accusing McDonald’s of turning a blind eye to sexual harassment.
In the months ahead, it seems investors and analysts alike will be looking to McDonald’s and Kempczinski, not just to turn patties, but to turn over a new leaf.
Boeing looks to break tailspin with shakeup
More than a year has passed since the first 737 Max 8 plane crashed in Indonesia, and while Boeing CEO Dennis Muilenburg has been on the hot seat, the company has taken action against another executive. Kevin McAllister, head of Commercial Airplanes at Boeing, has been let go.
In his place, the company has turned to Stan Deal, most recently the President and CEO of Boeing Global Services. Deal is a longtime Boeing employee with sales and supply chain experience.
Deal will be charged with helping Boeing restore confidence in a division that has taken a significant hit in the wake of the 737 crashes. Shortly upon Deal’s arrival, the division replaced its vice president of communications with Conrad Chun, who held that same role in Deal’s old division. Stepping into Deal’s old role is Ted Colbert, the former Senior Vice President and Chief Information Officer.
A homecoming half a world away
Greg Foran had spent his career in retail and nearly a decade at Walmart. He’d risen through the ranks to be President and CEO of the company’s U.S. division. And now, he’s taking flight as the head of an airline. But it didn’t come out of nowhere.
Foran is a native of New Zealand, and come 2020, he’ll be the CEO of Air New Zealand Limited.
Where there’s change, there’s opportunity. John Furner, most recently the CEO of Sam’s Club, will replace Foran and report directly to Walmart Inc. CEO, Doug McMillon.
HP mulls Xerox bid with new team
CEO changes often coincide with landmark shifts for companies, and HP Inc. seems to be no exception. When outgoing CEO Dion Weisler stepped aside due to a “family health matter,” he did so just before news broke of a possible takeover by Xerox. No decision has been announced.
However the dust settles, new CEO Enrique Lores is expected to carry forth a bold agenda to reshape HP Inc.’s printer business, reduce staff and increase dividends. The company’s stock has lagged so far in 2019, and the Xerox offer has been met with scrutiny.
In the meantime, the company has tried to strengthen itself with promotions. Christoph Schell, the former President of 3D Printing and Digital Manufacturing, is now Chief Commercial Officer, while Tuan Tran has been promoted from General Manager & Global Head of Office Printing Solutions to President of Imaging, Printing & Solutions.
More executives on the move…
- Samuel Allen is now Chairman of the Board, Deere & Company.
- Marco Argenti is now Co-CIO, Goldman Sachs Group, Inc.
- Thierry Breton is now Non-Executive Chairman, Atos SE.
- Jason Cardew is now SVP and CFO, Lear Corporation.
- Leigh Fisher is now EVP and Chief Human Resources Officer, Alcoa Corporation.
- Jane Fraser is now CEO, Global Consumer Banking and President, Citigroup Inc.
- Paula Ginnett is now President, Mid-Atlantic Division, Kroger Company.
- Élie Girard is now CEO, Atos SE.
- Gautam Gupta is now CFO and Chief Business Officer, Opendoor Labs Inc.
- Michael Hennigan is now CEO, MPLX GP LLC, Marathon Petroleum Corporation.
- Charles Jarrett is now SVP and CIO of Cumberland Farms, Inc., EG Group Limited.
- Clay Johnson is now Chief Digital and Technology Officer, Yum! Brands, Inc.
- Benjamin Kahrs is now EVP and Chief Innovation Officer, Alcoa Corporation.
- Steven Kiefer is now SVP and President, South America and International Operations, General Motors Company.
- Carol Kline is now CIO, Empower Retirement, Power Financial Corporation.
- Mary Laughton is now President and CEO, Athleta, Inc., Gap Inc.
- John May is now CEO, Deere & Company.
- Richard McBee is now President and CEO, Riverbed Technology, Inc.
- Ross McEwan is now Managing Director and Group CEO (effective December 2, 2019), National Australia Bank Limited.
- Patrick McLean is now SVP and CMO, Walgreen Company, Walgreens Boots Alliance, Inc.
- Kenneth Morris is now VP, Autonomous and Electric Vehicle Programs, General Motors Company.
- Douglas Parks is now EVP, Global Product Development, Purchasing and Supply Chain, General Motors Company.
- Thomas Reedy is now EVP, Finance, CarMax Inc.
- Jill Timm is now CFO, Kohl's Corporation.
- Karen Walker is now SVP and CMO, Intel Corporation.