On Thursday, June 30th, we will be holding our Restaurant industry themes call, focusing on the Casual Dining industry.
CALL DETAILS:
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In the Casual Dining space, we are currently SHORT the following names PLAY, PTLO, RRGB, BLMN, BJRI, EAT, TXRH, CHUY, and DRI. We will highlight significant issues we see with these names and focus on the following themes:
MCD Managemant changes
MCD is a LONG
These organizational changes occur against a larger backdrop of the company’s evolving franchising strategy, which includes new guidelines and a performance-based grading system expected to take effect next year. Many franchisees we hear from are not happy about the changes.
McDonald’s has promoted CFO Kevin Ozan, who plans to retire in 2023, to senior executive vice president, strategic initiatives. He will lead the strategy team, spearhead several initiatives, and partner with CEO Chris Kempczinski. Ozan has been with McDonald’s since 1997 and became CFO in 2015. In this position, he onboarded two CEOs, navigated the company through the pandemic, dealt with activist investors, and helped withdraw McDonald’s from Russia, Kempczinski said. Ian Borden, current president, international, will become EVP and CFO, effective Sept 1, and will relocate to Chicago. McDonald’s also promoted Marion Gross, chief supply chain officer of North America, to EVP, global chief supply chain officer, effective Sept 1, following Francesca DeBiase’s retirement on Aug 31.
