McDonald's CEO: 'We are not on our game'
He said that the recent performance was "poor" and that "the numbers don't lie." Sales have fallen lately and the stock has lagged the broader market.
To tackle this problem, McDonald's is reorganizing its international operations and plans to franchise more of its restaurants. It wants to have 90% of its locations franchised by 2018, up from 81% currently.
McDonald's hopes to save $300 million annually by the end of 2017 thanks to all the restructuring and plans to be more disciplined about spending.
But what Easterbrook really wants to change is the quality of the food and stale brand image.
Get ready for more new offerings like its sirloin burger and artisa