New CEO unveils plan to flip McDonald’s fortunes

McDonald’s new chief executive officer yesterday said he would reorganise operating units, sell more restaurants to franchisees, and cut costs in a bid to turn the fast-food chain into a “modern, progressive burger company”.

A much-anticipated video announcement by chief executive Steve Easterbrook left investors hungry for specific details on how the world’s biggest restaurant chain would improve food quality and speed-up service.

“I will not shy away from the urgent need to reset this business,” said Mr Easterbrook, who took the helm on March 1 following one of McDonald’s most dismal years on record.