MCDONALD'S will have layers of bureaucracy stripped away so the fast food company can move faster to keep up with changing tastes, chief executive Steve Easterbrook said.
Mr Easterbrook, who took charge on March 1, warned the company's structure is too cumbersome and can no longer afford its "legacy structure" during a 23-minute video message posted online.
"The reality is our recent performance has been poor," Mr Easterbrook said. "The numbers don't lie."
The company plans to cut $300 million (£198m) in costs by around 2017, but said it's too early to say how that will affect jobs. It intends to accelerate plans to sell company-owned restaurants to franchisees.
McDonald's will be 90% franchised globally over the next four years, up from 81%.
The "turnaround blueprint" comes as the company fights intensifying competition from a variety of players and has admitted that it failed to keep up with changing tastes.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article