When Kevin Ozan took over as the CFO and Steve Easterbrook as the CEO of McDonald’s in 2015, the global fast- food giant was in a state of crisis. Its once- loyal customers were fleeing to direct competitors, sales were slagging and stores were being shut down, amidst fears of food health and hygiene. Now, more than three years on from their appointment, the company is doing way better, under this leadership team. The first step that Ozan took on being appointed as the CFO, was to revive the talent management practices that had once worked so well for the company. Not just with employees, but the idea was to retain, regain and convert customers, via a three- stage process. Thorough marketing research was conducted in the ten markets to reveal the key pain points, and they were quite diverse but also had common points in disparate areas such as Japan, Germany and the USA. Global trends also favored people moving away from the QSR (Quick Service Restaurants) format to fast- casual or fine dining options. So, a campaign titled Experience of the Future (EOTF) was launched to prise away the customers switching and to even convert those non- loyal fans. This proved to be a grand success.

Source:https://www.mckinsey.com/industries/retail/our-insights/fast-action-in-fast-food-mcdonalds-cfo-on-why-the-company-is-growing-again?cid=other-eml-alt-mip-mck&hlkid=b1ea3c6f030445598f962c0b803e4618&hctky=2657824&hdpid=9379b137-9f46-49a3-809f-e63c0aa30e48

Uploaded Date:22 January 2019