- McDonald's (NYSE:MCD) releases a video detailing its turnaround plan.
- The numbers don't lie, says CEO Steve Easterbrook as he promises a global transformation.
- The exec highlights three areas of focus: (1) driving operational growth, (2) improving the brand, (3) some financial engineering is tipped.
- A new structure at the company will be created to divide into four segments to represent where operating income is struck. A high-growth segment (10% of total sales from 9 key markets) and a foundational segment (100 countries) will replace geographic splits.
- "Layers of bureaucracy will be stripped away," promises Easterbrook.
- McDonald's sets a goal to have 90% restaurants franchised by 2018 - a faster pace than previously planned.
- Food quality changes and menu innovation are highlighted in broad strokes.
- McDonald's operated 36.2K restaurants at the end of last year. The company still owns about 10% of its 14.3K U.S. stores.
- MCD +0.10% premarket to $97.90 - moving lower as the video was digested.