McDonald's Corp (NYSE:MCD) announced on Thursday the appointment of Lauren B. Elting as the company's new principal accounting officer, effective October 1, 2024. Elting is set to join the fast-food giant on Monday, July 30, 2024, as Vice President to ensure a seamless transition following Catherine A. Hoovel's retirement on the effective date. The change in executive leadership was disclosed in a regulatory filing with the Securities and Exchange Commission.
Elting previously served as Chief Accounting Officer at Federal Signal (NYSE:FSS) Corporation, bringing a wealth of experience to her new role at McDonald's. Her compensation package includes an annual base salary of $375,000, a target annual cash incentive equivalent to 50% of her base salary, and starting in 2025, an annual long-term incentive award. Additionally, she will receive a one-time restricted stock unit award valued at $800,000, vesting over three years, and a one-time cash bonus of $250,000, contingent upon her continued employment for at least one year.
In other corporate governance matters, McDonald's shareholders, during the Annual Shareholders’ Meeting on May 22, 2024, approved amendments to limit the liability of certain officers and implement miscellaneous changes as outlined in the company's 2024 Proxy Statement.
The Board of Directors also approved amendments to the company's By-laws on July 25, 2024, which included recombining the roles of Chairman and Chief Executive Officer and appointing a Lead Independent Director, as well as clarifying advance notice provisions for shareholder proposals and director nominations.
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