TOKYO - Facing a damaged brand, an aging society and fierce competition from convenience stores, McDonald's Holdings (Japan) hopes to revive its fortunes with a new chief operating officer who started at the bottom.
Wednesday's shareholders meeting was well attended, with 1,237 present, 154 more than in 2014. At the start, President and CEO Sarah Casanova apologised for scandals over the use of expired chicken and the discovery of foreign objects in food at some stores. She said McDonald's Japan considers food safety its top priority and wants to work to restore confidence in the company.
Casanova said she travelled around the country to listen to customers, and the company will work to make products that exceed expectations.
McDonald's Japan said it plans to announce in mid-April earnings guidance for the fiscal year ending Dec. 31. Shareholders approved all resolutions at the meeting, among them a proposed slate of directors including new Chairman Robert Larson.
"Management will change with new directors coming on board, such as the chairman," said one shareholder, a corporate executive. "I'm hoping for improved earnings."
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