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The Most Amazing Headline Ever....McDonalds CEO Dies Suddenly Of Heart Attack

Discussion in 'Channel Zero' started by $360, Apr 19, 2004.

  1. $360

    $360 Elite Member

    Joined: Oct 2, 2002 Messages: 2,600 Likes Received: 1
    Sad day at McDonald's

    Fast-food chain names Bell as CEO after Cantalupo dies of an apparent heart attack.
    April 19, 2004: 12:17 PM EDT
    By Parija Bhatnagar, CNN/Money Staff Writer

    NEW YORK (CNN/Money) - The board of directors of McDonald's Corp. named Charlie Bell as chief executive after Jim Cantalupo, the leader of the fast-food chain's recent turnaround, died of an apparent heart attack Monday.

    McDonald's chairman and CEO Jim Cantalupo, 60, died of a heart attack Monday morning.
    Bell, 43, will continue as president; he has been serving as the company's chief operating officer.

    "Charlie Bell has worked side by side with Jim during these past 16 months to revitalize McDonald's all over the world. He is ideally suited and prepared to continue Jim's remarkable focus and discipline on our business," the company said in a statement.

    Cantalupo, 60, was at the McDonald's Worldwide Owner/Operator Convention in Orlando, Fla., when he was suddenly stricken.

    "Jim was a brilliant man who brought tremendous leadership, energy and passion to his job. He made an indelible mark on McDonald's system," Andrew J. McKenna, the board's presiding director, said in a statement. McKenna, 74, was named nonexecutive chairman.

    Cantalupo had served as chairman and chief executive of the No. 1 fast-food restaurant chain since Jan. 1, 2003 and was widely credited with spearheading McDonald's turnaround in terms of service, quality and sales. The company started to post double-digit percentage sales gains during Cantalupo's tenure and McDonald's stock has more than doubled in price since early 2003.

    "Jim came in with a backdrop of sluggish sales, reduced earnings over several years and heavy price discounting," said Dennis Milton, equity analyst at S&P. "He focused on product development with the salads, all-white chicken products and other relevant food innovations such as the 'adult happy meals' with yogurt and fruit."

    A 30-year veteran of the company, he first joined McDonald's as controller. In 1985, he was appointed a zone manager responsible for McDonald's operating regions in the Northeast region. He was appointed president of McDonald's International in 1987, and president and chief executive officer in 1991.

    Cantalupo also served on the board of directors of Sears, Roebuck & Co. (S: Research, Estimates) and on the Chicago Council on Foreign Relations.

    Bell started young
    Bell began his career with the fast-food chain at age 15 as a part-time crew member at a McDonald's restaurant in Sydney, Australia. He became the company's youngest store manager in Australia at 19, then a vice president at 27 and a member of the board of directors by the time was 29 years old.

    "This is an absolutely right choice," said S&P's Milton. "Cantalupo relied on Bell a lot for crafting the turnaround. This is someone who has been with the company for a significant period of time."

    Charlie Bell was named Cantalupo's successor as CEO.
    Bell's name was the first one discussed by analysts when asked about who will succeed Cantalupo.

    "The company has been grooming Bell for that role and he's certainly become more of a public face of the company recently," said John Glass, analyst at CIBC World Markets.

    Matthew DiFrisco, analyst with Harris Nesbitt Gerard, agreed.

    Said DiFrisco, "Cantalupo was the leader of the turnaround, but Bell was also deep into it. From an investment and corporate point of view, I think there's enough depth in top management to sustain McDonald's turnaround momentum, but certainly Jim's leadership skills will be missed."

    Money manager Robert Olstein, who owns 1.5 million shares of McDonald's in the Olstein Financial Alert Fund, wrote a letter to Cantalupo just a few days after he took over as CEO. In it, he expressed concern that the company's strategic direction of spending money on opening new restaurants while cannibalizing existing restaurants was a wrong move and that "the cash flow can be more profitably employed at a higher return under a stock buy back program."

    "Jim wrote back to me in August thanking me for the letter, and we've seen the changes he initiated," said Olstein. "Cantalupo was a visionary who took the money and invested it into fixing the older restaurants and diversifying the menu. The company is running on all cylinders now. He turned this company around very quickly."

    Even so, S&P 's Milton sees some challenges ahead for the company.

    "McDonald's has set a reasonable growth target of 6 to 7 percent. That's not very high for a company this size. With 31,000 stores worldwide, and about 58 percent franchise restaurants, there not much room to grow," said Milton, who has a "hold" rating on the stock. "The focus has to still be on improving existing stores and improving customer service."

  2. ClueTwo

    ClueTwo Veteran Member

    Joined: Nov 30, 2001 Messages: 9,030 Likes Received: 123
    Somebody should sue someone for something...I can just feel it...
  3. Overtime

    Overtime Dirty Dozen Crew

    Joined: Apr 22, 2003 Messages: 13,989 Likes Received: 313
    just like the coors lawsuit that is happening now
  4. Andrew W.K.

    Andrew W.K. New Jack

    Joined: Mar 30, 2004 Messages: 20 Likes Received: 0
    Hahahahaha this is so fucking AWESOME. A+++
  5. InDY_500

    InDY_500 Veteran Member

    Joined: Sep 30, 2002 Messages: 5,169 Likes Received: 67
    i bet that the cause of death isnt gonna be somethin like old age and wasnt keepin up wit his pills and shit like that....but thats truely fucked up.....how much money you think he makes on a average day? anyone anyone....
  6. Pfffffffffft

    Pfffffffffft Moderator Crew

    Joined: Feb 16, 2004 Messages: 15,347 Likes Received: 683
    karma is a bitch...

    shoulda done something different.
  7. BROWNer

    BROWNer Guest

  8. Abracadabra

    Abracadabra Dirty Dozen Crew

    Joined: Dec 28, 2001 Messages: 22,906 Likes Received: 113
  9. PalestineOne

    PalestineOne Senior Member

    Joined: Mar 25, 2004 Messages: 1,177 Likes Received: 0
  10. Pfffffffffft

    Pfffffffffft Moderator Crew

    Joined: Feb 16, 2004 Messages: 15,347 Likes Received: 683
  11. eseLokE1uno

    eseLokE1uno Senior Member

    Joined: Jul 29, 2002 Messages: 1,280 Likes Received: 0