Fast food giant McDonald’s said Thursday it plans to cut an unspecified number of jobs as part of a restructuring to save $500 million and boost its US business.
McDonald’s USA President Chris Kempczinski announced the job cuts in a message to employees.
A company spokeswoman said the move was part of a previously-announced plan to cut $500 million in spending by 2019.
‘We are always evaluating ways to better serve our customers and continue to grow our business,’ said the spokeswoman, Terri Hickey.
‘With that in mind, we are putting into place a new US field structure that will better support our franchisees and will ensure McDonald’s continues on a path to being more dynamic, nimble and competitive.’
The fast food giant plans to streamline the management structure, and the specifics will be outlined at a June 12 town hall meeting, The Wall Street Journal reported.
Shares of McDonald’s jumped 3.8 percent to $168.52 in afternoon trading.
Easterbrook has been credited with boosting McDonald’s performance after being tapped to lead the company in 2015. However, its US efforts have lagged behind that of its international division in key respects.
In the first quarter, for example, comparable sales in the US business grew by 2.9 percent, well below the company-wide increase of 5.5 percent.