portland independent media center  
images audio video
newswire article announcements global

animal rights | corporate dominance

McDonalds CEO dies of a heart attack at age 60

Please excuse the point of view this article takes, I copied it from MSN, but I thought it was pretty interesting.
Mastermind of McDonald's comeback dies
advertisement


A heart attack claims Jim Cantalupo, the executive who refocused the struggling fast-food giant, revamped its menu and energized franchise holders. Stock price suffers. New CEO named.

By Kim Khan, CNBC

Fast-food chain McDonald's (MCD, news, msgs) Chairman and Chief Executive Jim Cantalupo, 60, died of an apparent heart attack this morning.

Later this morning, the company named President and Chief Operating Officer Charlie Bell the new CEO. Bell, 42, joined the company when he was 15 and became the youngest McDonald's restaurant manager in Australia at age 19. He joined the board of the company at age 29, CNBC's Phil LeBeau reported. Check out a biography of Bell here.

Cantalupo had taken the reins at the struggling company in January 2003, revamped its menu and turned around its profit outlook.

Jim Cantalupo


New menu items, a back-to-basics approach and improvement in service quality helped the company recover from its first quarterly loss ever in the fourth quarter of 2002, LeBeau reported. Cantalupo also scaled back the Golden Arches' dollar menu and focused on value-added products.

The company said Cantalupo died at a worldwide convention of McDonald's restaurant owners and operators in Orlando, Fla. "Jim was a brilliant man who brought tremendous leadership, energy and passion to his job," Andrew McKenna, presiding director of McDonald's board, said in a statement. "He made an indelible mark on McDonald's system."

The company has seen impressive growth since Cantalupo was named CEO. After falling on tough times, the company achieved double-digit same-store sales growth just five months after he took over. McDonald's stock rose 61% during his tenure.

"It's quite a shock and very sad obviously," Timothy Ghriskey, chief investment officer at Solaris Asset Management, told Reuters. "But this is a big company where one person does not make the decisions. I am not sure who was responsible for McDonald's recent product success but I believe it was more than just Cantalupo."
Hhahahahaha 19.Apr.2004 14:17

tofumanchu

Haha! One too many big-macs!!!

See the good news in there too guys .... 19.Apr.2004 15:13

It was abou time ...

McDonald's appointed Australian Charlie Bell, the 43-year-old chief operating officer who had been seen as heir apparent, to replace Cantalupo as its first non-American CEO

Opportunity 19.Apr.2004 15:34

Den Mark, Vancouver

What an incredible opportunity for progressives to turn this against the company. I look forward to the creativity. I hate Mc-Dung-ald's.

Sad 19.Apr.2004 17:11

Seatac Reader

His last words "Supersize it"

ceo didn't eat the crap mcdonalds sells 19.Apr.2004 17:13

---

i am pretty sure this guy did not eat the crap at mcdonalds. he surely just made millions on the fattening of america (and now the world) on the profits of mcdonalds' food-like stuff.

at least he got to die after 19.Apr.2004 19:23

karma, but not soon enough

having lived a life of comfort surrounded by family and friends--unlike the cows in his factory farms who go through birth through death misery, then get skinned alive in the slaugterhouse. Burn in hell, Cantalupo.

I would avoid 20.Apr.2004 08:22

the

Cantalupo cruncher on the Micky-D's menu for awhile.

yeah, avoid the quarter pound 20.Apr.2004 09:12

x

ground Cantalupo with cheese, too--too fatty.