OPERATIONS

True Value Company names former Office Max exec as CFO

BY Dan Berthiaume

Chicago — True Value Company, one of the world’s largest hardware cooperatives, announced that Deborah O’Connor will join the company as senior VP and CFO, succeeding current CFO David Shadduck who left True Value effective April 30.

O’Connor comes to True Value with a wealth of retail experience having worked in various finance roles over the last 25 years. Most recently, O’Connor spent seven years at OfficeMax, where she was the senior VP of integration and finance playing a critical role in the OfficeMax/Office Depot merger. Since 2008, she has held a number of finance leadership roles, including interim CFO and senior VP and chief accounting officer.

Shadduck, who was with True Value for nearly 14 years, was instrumental in guiding the cooperative during significant periods of challenge when he first joined the company in 2001 and later helping to navigate the organization through the greatest economic downturn. Most recently, he played a critical role in restructuring the cooperative’s financing helping to position the company for the execution of the strategic plan.

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OPERATIONS

McDonald’s reveals initial steps, leadership team for turnaround plan

BY Dan Berthiaume

Oak Brook, Ill. – McDonald’s Corp., which recently reported a 33% year-over-year decline in profits for the first quarter of fiscal 2015, is revealing the first steps of its turnaround plan. Beginning July 1, 2015, McDonald's will operate under a new organizational structure with the following market segments:

U.S.: The company's largest segment, accounting for more than 40% of the Company's 2014 operating income;

International lead markets: Established markets including Australia, Canada, France, Germany and the U.K., which collectively represented about 40% of the company's 2014 operating income;

High-growth markets: Markets with relatively higher restaurant expansion and franchising potential including China, Italy, Poland,Russia, South Korea, Spain, Switzerland and the Netherlands. Together these markets accounted for about 10% of the company's 2014 operating income; and

Foundational markets: The remaining markets in the McDonald's system, each of which has the potential to operate under a largely franchised model. Corporate activities will also be reported within this segment.

The leadership team for McDonald’s new segments, effective July 1, will include Mike Andres continuing to serve as president; Doug Goare, currently president McDonald's Europe, becoming president international lead markets; Dave Hoffmann, currently president McDonald's Asia/Pacific, Middle East and Africa (APMEA), becoming president high-growth markets; and Ian Borden, currently CFO McDonald's APMEA, becoming president foundational markets.

Other plans include:

• Refranchise 3,500 restaurants by the end of 2018, accelerating the pace of refranchising and increasing the global franchised percentage from the current 81% to about 90%. This builds on a prior plan to refranchise at least 1,500 restaurants by 2016;

• Deliver approximately $300 million in net annual G&A savings, most of which will be realized by the end of 2017, in connection with the organizational restructure, refranchising strategy, and more stringent spending discipline; and

• Return $8 billion to $9 billion to shareholders in 2015 and to reach the top end of its three-year $18 billion to $20 billion cash return to shareholders target by the end of 2016.

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OPERATIONS

Potbelly promotes executive to VP of operations

BY Dan Berthiaume

Chicago – Potbelly Corp. has promoted Julie Younglove-Webb as its new senior VP of operations. Younglove-Webb will oversee all aspects of company operations.

Younglove-Webb joined the Potbelly 2008, as a general manager and then a district manager before assuming various operations roles and being promoted to her latest role as Central Zone VP, overseeing 250 shops. She replaces John Morlock, who will now serve as senior VP of ops growth.

Prior to Potbelly, Younglove-Webb held a number of leadership positions within IBM, Kmart and Sears Holdings Corp.

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