Chris Kempczinski: Latest News

McDonald's global headquarters in Chicago's Fulton Market district on December 19, 2019. McDonalds president and CEO Chris Kempczinski will cut his base salary by half as restaurant sales plunged last month due to COVID-19.

FILE - The logo of the McDonald's fast food chain seen at a restaurant in St Petersburg, Russia. (Photo by Maksim Konstantinov/SOPA Images/LightRocket via Getty Images) CHICAGO - McDonald's said Monday that it has started the process of selling its Russian business, which includes 850 restaurants that employ 62,000 people, making it the latest major Western corporation to exit Russia since it invaded Ukraine in February.The fast food giant pointed to the humanitarian crisis caused by the war, saying holding on to its business in Russia "is no longer tenable, nor is it consistent with McDonald’s values."The Chicago-based company announced in early March that it was temporarily closing its stores in Russia but would continue to pay employees.

McDonald's, PepsiCo and others to consider pausing or ending business operations in Russia amid the country's ongoing invasion of Ukraine.The fund's trustee, New York State Comptroller Thomas DiNapoli, warned in a series of letters that companies who continue to operate in Russia and invest in Russian assets "face significant and growing legal, compliance, operational, human rights and personnel, and reputational risks." "Pausing or ending McDonald’s business operations in Russia would address various investment risks associated with the Russian market and play an important role in condemning Russia’s role in fundamentally undermining the international order that is vital to a strong and healthy global economy," DiNapoli wrote in a letter addressed to McDonald's CEO Chris Kempczinski reviewed by FOX Business. The comptroller's office estimates that the $280 billion fund has about $110.8 million in public equity investments, including direct holdings and co-mingled funds in Russian companies. The New York Common Retirement Fund's stakes in McDonald's and PepsiCo were valued at approximately $410 million and $501 million, respectively, as of the end of 2021, according to its latest 13F filing.McDonald's has a total of 847 restaurant locations in Russia and 108 locations in Ukraine.

McDonald's CEO Stephen Easterbrook unveils the company's new corporate headquarters during a grand opening ceremony on June 4, 2018 in Chicago, Illinois.