McDonald’s promotes Ian Borden to CFO

In a series of promotions, McDonald's Corp. designated Ian Borden as its new chief financial officer (CFO), effective September 1. The moves come as the business faces difficulties with its international supply chain.

Kevin Ozan, who will now serve as senior executive vice president for strategic initiatives, will be replaced by Borden, who is now the company's president for international operations. Francesca DeBiase will retire on August 31 and will be replaced by Ozan, the fast food restaurant business announced in a statement on Monday. Starting on September 1, Marion Gross, the North American supply-chain leader, will take on that position globally.

McDonald's is undergoing the changes as it navigates "an increasingly complicated and uncertain operational environment,” according to chief executive officer Chris Kempczinski. While customers continue to spend money on eating out, they are struggling with skyrocketing inflation at the petrol station and in the grocery store. In addition to contending with supply-chain problems and a competitive labour market, McDonald's just left Russia.

McDonald's is undergoing the changes as it navigates "an increasingly complicated and uncertain operational environment,” according to chief executive officer Chris Kempczinski. While customers continue to spend money on eating out, they are struggling with skyrocketing inflation at the petrol station and in the grocery store. In addition to contending with supply-chain problems and a competitive labour market, McDonald's just left Russia.

In Monday's premarket trade, McDonald's stock barely changed. Through Friday, the shares had dropped 7.5% for the year.

(With agency inputs)