McDonald’s has announced a global restructure in an attempt to cut costs, bring the business back to profitability and reinvent the brand as a “modern, progressive burger company”.

Newly-appointed chief executive Steve Easterbrook yesterday (4 May) unveiled the brand’s much-anticipated ‘turnaround plan’, with key features including plans to sell a tenth of its worldwide restaurant portfolio to franchisees.

The company will be reorganised into four market segments: the US; ‘international lead markets’ such as Australia, France and the UK; ‘high-growth markets’ including China, Russia and South Korea; and ‘foundational markets’, which have the potential to operate under a franchise model.

Although Mike Andres will continue to serve as president for McDonald’s US, other regions will be placed under new leadership.

McDonald’s Europe Doug Goare becomes president for international lead markets, Asia Pacific, Middle East and Africa (APMEA) boss Dave Hoffmann will take on ‘high-growth markets’, and current APMEA CFO Ian Borden becomes president for ‘foundational markets’.

“As we look to shape McDonald’s future as a modern, progressive burger company, our priorities are threefold – driving operational growth, returning excitement to our brand and unlocking financial value,” said Easterbrook.

“The immediate priority for our business is restoring growth under a new organisational structure and ownership mix designed to provide greater focus on the customer, improve our operating fundamentals and drive a recommitment to running great restaurants.

“As we turn around our business, we will look to create more excitement around the brand and ensure that we build on our rich heritage of positively impacting the communities we serve.”