McDonald’s CEO’s video blamed for stock and credit rating drop

One critic of Steve Easterbrook’s remarks in the 23-minute video called them ‘passionless.’

Steve Easterbrook, who was appointed CEO of McDonald’s in late January, unveiled his plan to turn the struggling fast-food giant around in a 23-minute video released Monday.

There’s an “urgent need to reset this business,” he said, but getting there will be “bumpy and uneven.” He added, “The reality is our recent performance has been poor. The numbers don’t lie.”

Ultimately, Easterbrook said the solution to McDonald’s woes is speedier service “on the customer agenda,” a modernized brand, increased franchising and “brand excitement.”

His video didn’t seem to generate much excitement. The company’s stock dropped about 1 percent in the hours after the video’s release, and Standard & Poor’s downgraded the company’s credit rating on the basis of Easterbrook’s turnaround plan.

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