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He shares how he has built his career over 30 years, reflects on key decisions amid the pandemic and more. In just four years, he had clearly made a mark. Everybody recognizes the golden arches. The following is the unofficial transcript of a CNBC interview with McDonald's CEO Chris Kempczinski from the CNBC Evolve Global Summit, which took place today, Wednesday, June 16th. I stepped up my communication to make sure that our employees understood what our plan was to get through thisbut also to get a lot of feedback. McKinsey: Thats interesting. McDonald's CEO Chris Kempczinski is trying to change the company's culture after taking the reins in November. I hope everyone had a chance to relax and spend time with family and friends over the holiday season. Theres a rich trove of best practices out there to learn from. A big learning for me was realizing that there is no such thing as overcommunicating. One-stop, member-exclusive portal for the entire suite of indicators. For more information on howCEDcollects and uses personal data, please visit ourprivacy policy. So I don't have all the answersBut I am going to outline for everybody some principles about how we're going to approach these issues.. President and CEO And were definitely doubling down on those. In those 60 minutes, he reminded us all of the responsibility we have to deliver on McDonalds greater purpose., It was a belief in Mr. Kempczinski that led Heidi Capozzi, Chief People Officer, to join the company in April this year. Are there particular mentors or heroes whose words or examples have helped guide you this past year?Theres not one person. Where do we have credibility to speak and stand behind our values and commitments? Because were McDonalds and our reach is so great, were in so many different countries, we touch so many different things, we were getting pulled into lots of efforts where either we didnt have inherent credibility or our ability to make a difference was limited. Project leader and consultant Home. It all connects to what you stand for as a company. Whats this we hear about changes to your iconic burgers? Keeping McDonalds relevant: An interview with CEO Chris Kempczinski. Put simply, he is a leader who at his core "cares a lot." Its got to be about the company and the organization. So I don't have all the answersBut I am going to outline for everybody some principles about how we're going to approach these issues. So says Chris Kempczinski, President and CEO of McDonalds Corporation, in this interview with Dr. Lori Esposito Murray, President of the Committee for Economic Development, the public policy center of The Conference Board (CED). The fast-food giant's board fired Easterbrook in November because he had a consensual relationship with an employee, which violated the company's fraternization policy. The prior CEO stepped down last year over a compromise of company values, and this year the company has faced accusations of racial discrimination and sexual harassment. "We must now champion and apply them more evenly across the three-legged stool to be even stronger.". As President and CEO of McDonalds, Chris leads the millions of dedicated McFamily members who help create delicious, feel-good moments for everyone. The Committee for Economic Development of The Conference Board (CED)uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. They like to show me the latest thing that theyve got on the menu and Ill go with that. I think for us, to be honest, we just had to catch up. Postpandemic, I dont think dine-in will come back to where it was. Nothing about Mr. Kempczinski's ascent surprised Greg Kelly, a Senior Partner at McKinsey & Company and a friend of Mr. Kempczinski's dating back to university. Brunswick Partner Jayne Rosefield is Head of the firms Chicago office and Global Consumer Industries Practice. In the end, the report also suggested how situational leadership, systems leadership, and contingency leadership should be applied to McDonald's. References Chu, N. N., 2020. Were going to be transparent with people. Human Capital Benchmarking & Data Analytics. The List 2022 honoree Chris Kempczinski answers 20 Questions, Meet The List of People Shaping Retails Future 2022, Introducing The Visionary 2022: Target CEO Brian Cornell, 10 go-to-market strategies move forward in NRF Foundation scholarship competition, The List of People Shaping Retails Future 2022, NRF Foundation Next Generation Scholarship. What does that mean exactly and how will your customers see this come to life?Customers are seeking brands that reflect their values and the line between the corporate brand and the consumer-facing brand is blurring. To be effective, the teams or groups socializing with the executives need to be relatively small so that employees feel free to openly engage. Going forward, we expect that many delivery orders will be placed on our own MyMcDonalds platform, providing us with important data to understand our customers preferences and cravings. By the end of 2019, delivery sales were over $4 billion and we continued to see very strong growth in 2020. And yet the menu varies from culture to culture, place to place. Ive never forgotten that. At the end of the year, we asked our employees, Did you feel supported in 2020? and over 90 percent said they felt well supported. Weve been in the Drive Thru business for decades, so I dont want to say that we had any foresight in that. The things you just referenced there are about us getting more aggressive, getting more out of our investment and then embracing our role in culture. I dont have all the answers, and if I pretended I did have all the answers, people wouldnt believe me. (201415), Senior vice president, US grocery 2023 CNBC LLC. He lives in Chicago, IL, with his wife and two kids. To reestablish employee trust, Google must find new ways to engage smaller groups of employees. McKinsey: In delivery, youre currently partnering with third-party providers, which means you dont have full access to the customer data or full control of the customer experience in delivery. Kempczinski has an MBA from Harvard Business School. Kempczinski has also heard from other stakeholders about McDonald's culture and ethics through meetings with corporate officers, marketing managing directors and the franchise leadership of the chain's International Development Licensed markets. As chief executive of McDonald's, Chris Kempczinski occupies one of the most powerful posts in the corporate world. "All of this is underpinned by our core values, which are the bedrock of our company," Kempczinski said. In addition to serving on the McDonalds Board of Directors, he is also a trustee of Ronald McDonald House Charities. Chris joined McDonald's in 2015 as Executive Vice President, Strategy, Business Development and Innovation. Of Mr. Kempczinski, Mr. Kelly says, At college, we nicknamed him The Colonel given the similarity between his leadership qualities and those of Dukes legendary basketball coach. In the younger Mr. Kempczinski, Mr. Kelly also saw the tremendous energy and resilience that might have predicted his traveling the globe not only as a rising leader in business but as a serial runner of marathons far and wide. In July, in response to the killing of George Floyd, McDonalds posted a video titled, They were one of us. How do you view the responsibility of brands such as McDonalds to take a stand on social issues?It all connects to what you stand for as a company. Soon after Chris Kempczinski became CEO, the COVID-19 pandemic hit, and the restaurant chain suffered the worst quarter in its history. In November 2019, Mr. Kempczinski became President and Chief Executive Officer of McDonalds, the worlds largest restaurant company. Right now, if you look at where our franchisees are, I feel very good about their health. Quite simply, we commit to use our Scale for Good. We tend to want to socialize with others who are similar to ourselves, so managers can be exclusionary if they are left to choose their own interactions partners. I think the important thing is dont try to stand out. We have a few specific issues here and there. Previous and current McDonald's employees also told the Journal that Easterbrook allegedly had a reputation for flirting with female employees. Now, we actually have to create some advantage there. Then last November, Google CEO Sundar Pichai announced that TGIF meetings would be cancelled in favor of monthly meetings and separate forums. To me, there is nothing further from the truth than that. became President and Chief Executive Officer of McDonalds, the worlds largest restaurant company. I absolutely love history, so I was thrilled when I had a chance to sit down with McDonald's Corporate Archivist and fellow marathon runner, Mike Bullington | 23 comments on LinkedIn McDonalds announced that its CEO, Steve Easterbrook, was being removed from his position due to breaking company guidelines regarding relationships with employees. The MyMcDonalds platform is essentially an ecosystem of all the things that you can do via digital touchpoints with McDonaldsthink mobile ordering, payments, delivery, rewards, or deals. He describes Mr. Kempczinski as a business savant, someone who is able to translate insight into action into results. He also was struck by Mr. Kempczinskis genuine commitment to personal growth and development, as well as his focus on building meaningful connections. Given your franchise model, how do you ensure during COVID-19 that restaurants can survive the short term and be in a position of strength for the long term? In just four years, he had clearly made a mark. Its kind of amazing. Reminding people: Here are the values that have defined McDonalds over the years and, based on those values, heres why were going to make these decisions. McDonald's CEO Chris Kempczinski talked franchisee relations, the restaurant recovery, and employee wages. Looking at your recent marketing initiatives, featuring cultural icons like Travis Scott and J Balvin, and the recent launch of Spicy Chicken McNuggets, I have to wonder how a brand as established as McDonalds continually reimagines marketing?I get asked sometimes, What exactly do you do as CEO of McDonalds? It can seem as though the system runs itself. Now, youve got me hungry.Youre going to love those grilled onions. Chris Kempczinski: Its definitely been an unusual onboarding into this role. McDonalds new chief executive, Chris Kempczinski is trying to change what has been described as a macho, guys club corporate culture at McDonalds. Kempczinski has every reason to shut this behavior downits exclusionary, its degrading to women, and its just unprofessional. Families visiting our restaurants aren't just customers, they're neighbors. (201517), Kraft Heinz I think Nike does a great job of engaging customers and using pop culture to keep their brand relevant. Do you see your delivery model changing in the near future? Evidence had emerged that McDonalds then-CEO, Steve Easterbrook, had violated company policy and undermined company values. When COVID-19 struck, the first thing that we wanted to do was put some immediate liquidity into the system. When I started my career, 30 years ago, marketing was typically well develop a campaign and run it for a full year, then well think about it again in a year. But now were in an always-on marketing environment, driven largely by social media. Kempczinski's 2020 pay is 1,189 times higher than that of the . And Kempczinski had been in the role for less than five months when COVID-19 shut down many of McDonald's 36,000-plus dining rooms around the world, sending the company . We have a responsibility not only to serve great food, but to make it responsibly and to enrich the communities in which we operate. In July, in response to the killing of George Floyd, McDonalds posted a video titled, They were one of us. How do you view the responsibility of brands such as McDonalds to take a stand on social issues?