McDonald's tempts Cantalupo to take over

McDonald's has lured one of its executives from planned retirement in a step to revitalise the troubled fast-food chain.

Chairman and chief executive officer Jack Greenberg announced his retirement last week, after 21 years with the company. He will be replaced in January by former vice-chairman and president Jim Cantalupo, who was planning to stand down after announcing his own retirement in April 2001.

Cantalupo, now aged 59, joined McDonald's in 1974. In 1987, he was made president, then eventually chairman and chief executive, of McDonald's international division.

Greenberg's departure comes after sluggish sales in the USA and the news that 175 underperforming restaurants are to close worldwide.

The most recent attempts to improve performance in the USA have included a dollar price promotion, restaurant refits and the launch of a diner concept.