JUST WHEN MCDONALD’S finally gets its act together–its stock price went from $16 to $30 and same-store sales experienced positive earnings for 11 consecutive months–the man responsible for the miraculous turnaround, 60-year-old CEO Jim Cantalupo, died of an apparent and sudden heart attack on Monday while attending a corporate convention in Orlando. Later that day, the board of directors swiftly elected chief operating officer and president Charlie Bell, 43, to the top spot. The board announced that although “we can never replace Jim’s brilliance or leadership . . . we will honor him by continuing his passion for McDonald’s.”
The company stock did slip slightly, closing Monday night at $26.75, but it seems certain that Cantalupo’s successor will continue to implement the late CEO’s vision of a quality franchise with reliable service and healthy choices. Bell, like his predecessor, is a long-time member of the McDonald’s family–in fact, at age 19, he was the youngest store manager in his native Australia. He was a member of the board of directors before he was even 30.
