Manuel Steijaert
MCDONALDSAbout Manuel Steijaert
Manu JM Steijaert is McDonald’s President, International Operated Markets (IOM) since around May 1, 2025, after serving as Executive Vice President and Global Chief Customer Officer since August 1, 2021 . He has been part of McDonald’s for over 20 years, starting in 2001, and previously led operations and market leadership roles across Belgium, the Netherlands, and France; he studied at the Royal Academy of Fine Arts (Antwerp) and participated in McDonald’s Hamburger University and continuing education in data and technology . During his leadership, McDonald’s advanced key customer and restaurant initiatives including Speedee Labs, digital consumer and restaurant platforms, a product-centric operating model, Chief Restaurant Officer deployment in owned markets, and the global Performance and Customer Excellence (PACE) initiative . Company performance context during his CCO tenure included strong 2023 momentum (global comparable sales +9% and operating income +24%) and a tougher 2024 (Systemwide sales +1%, corporate STIP 27.6% payout), aligning incentives to multi‑year outcomes via PRSUs (2022 awards paid 170.2%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| McDonald’s Corporation | VP, International Operated Markets | 2019–2021 | Supported 12 markets with a customer-led, growth-focused approach . |
| McDonald’s Netherlands | Managing Director | 2015–2019 | Drove consecutive accelerated growth in sales, guest counts, operating income and owner-operator cash flow; led strategic reorganization focused on talent and commercial excellence . |
| McDonald’s France | VP, Operations | 2012–2015 | Integrated service and production platform innovations; helped develop Experience of the Future (EOTF) program deployed globally . |
| McDonald’s Netherlands | Director, Operations | 2009–2012 | Led operations transformation and performance improvement . |
| McDonald’s Netherlands | Field Service Manager | 2005–2009 | Field leadership across restaurant performance and standards . |
| McDonald’s Belgium | Operations Manager | 2004–2005 | Country operations leadership . |
| McDonald’s Belgium | Field Service Consultant | 2001–2004 | Early career operational support and training . |
| McDonald’s Corporation | Executive Vice President & Global Chief Customer Officer | 2021–2025 | Led Customer Experience team; advanced digital platforms, Speedee Labs, product-centric model, and PACE initiative . |
| McDonald’s Corporation | President, International Operated Markets (IOM) | ~May 2025–present | Oversees ~16 wholly-owned markets and 10,000+ restaurants; appointed by Board to succeed Jill McDonald . |
External Roles
No public company directorships disclosed for Steijaert; McDonald’s leadership bio lists his corporate roles only .
Fixed Compensation
- Base salary setting factors for executives include market data, role scope, performance, tenure, internal equity, and G&A impact; annual increases are typically effective March 1 and benchmarked to peer group competitiveness .
- McDonald’s uses a peer group that was updated in July 2024 (added The Walt Disney Company; removed Johnson & Johnson and Walgreens Boots Alliance) for 2025 compensation decisions .
- Note: 2024 Summary Compensation Table discloses CEO/CFO/segment leaders and CLO; Steijaert was not a disclosed NEO in 2024, so his specific base salary and fixed pay amounts are not provided in the proxy .
Performance Compensation
| Element | Metric | Weighting | Target/Threshold | Actual/Payout | Vesting/Design |
|---|---|---|---|---|---|
| Corporate STIP (2024) | Operating Income Growth | 40% | Targets set ex‑ante; design requires growth vs prior year; measured consolidated/segment as applicable . | Corporate STIP payout factor 27.6% for NEOs given below-target 2024 performance . | Annual cash; max 200% of target; includes strategic scorecard . |
| Corporate STIP (2024) | Systemwide Sales Growth | 30% | Targets set ex‑ante; reflects franchisee health and sales correlation . | Corporate STIP payout factor 27.6% (aggregate outcome) . | Annual cash; max 200% of target . |
| Corporate STIP (2024) | New Restaurant Openings | 15% | Emphasizes development pace under Accelerating the Arches . | Included in corporate payout factor 27.6% . | Annual cash; max 200% of target . |
| Corporate STIP (2024) | Strategic Scorecard | 15% | Qualitative, informed by quantitative results; accountability for values, engagement, franchising; earned 75% (11.3 points) in 2024 . | Contributed to aggregate STIP outcome; segment‑specific blends applied to certain NEOs . | Annual cash; points 0–20; max payout capped . |
| PRSUs (2024 grants) | EPS Growth (3‑yr CAGR) | 75% | Threshold 0.0%; Target 7.0%; Max 11.0% (2024–2026 cycle) . | Payout subject to relative TSR modifier vs S&P 500; cap at 100% if absolute TSR is negative . | Vests on 3rd anniversary; max 200% plus TSR modifier up to ±25 pts; dividend equivalents earned if units vest . |
| PRSUs (2024 grants) | ROIC (3‑yr avg) | 25% | Threshold 16.0%; Target 20.0%; Max 24.0% (2024–2026 cycle) . | Subject to same TSR modifier and cap mechanics . | 3‑yr cliff vest; modifier applied; dividend equivalents . |
| Long‑Term Options | Stock Options | 50% of LTI mix | — | Focus on shareholder value creation via price appreciation; retirement/termination terms per Equity Plan . | Options vest/exercise per grant terms; certain retirement/no‑cause termination provisions extend exercisability based on age/service . |
Additional payout context:
- 2024 performance yielded below‑target outcomes (Systemwide sales +1%) and Corporate STIP payout factor 27.6% for NEOs; multi-year PRSUs from 2022 paid 170.2%, reinforcing pay-for-performance over longer horizons .
- Prior year momentum: 2023 delivered global comparable sales +9% and operating income growth +24%, supporting higher variable payouts that year .
Equity Ownership & Alignment
- Senior officer stock ownership requirements: CEO 6x salary; other NEOs 4x salary; executives have five years to comply, with retention requirements if off track after year three; the five‑year window restarts on promotion .
- Hedging and pledging of McDonald’s stock are prohibited for executives; derivative transactions to hedge economic risk are barred .
- Directors and executive officers as a group owned less than 1% of common stock as of March 1, 2025; individual holdings for named executives are disclosed, but Steijaert was not a named executive in the 2025 proxy table .
- Compliance: “Based on the most recent annual evaluation, all of our NEOs are in compliance” with ownership guidelines (applies to disclosed NEOs) .
Employment Terms
- Severance: U.S. Officer Severance Plan provides cash severance equal to a multiple of current salary plus target STIP (CEO/CFO: 1.5x; other participating U.S.-based executives: 1.0x), COBRA benefit subsidy (18 months CEO/CFO; 12 months other execs), prorated STIP based on actual performance, unused sabbatical, and transitional assistance; payments delayed 6 months if required under Section 409A .
- Equity on termination: Retirement/no‑cause terms allow continued option vesting on original schedule and extended post‑termination exercise periods; death/disability vest options, exercisable for three years (not beyond original expiry); voluntary departure forfeits unvested options with 90‑day exercise window for vested options; for cause forfeitures apply .
- Change‑in‑control: McDonald’s does not have change‑in‑control agreements, provides no single‑trigger benefits or Section 280G tax gross‑ups; PRSUs include TSR modifiers and caps; broader policies and clawbacks apply .
- Clawback: Policy compliant with SEC/NYSE rules to recoup erroneously awarded incentive compensation upon certain restatements; STIP and LTI grant agreements include recoupment/forfeiture for willful fraud or restrictive covenant violations, including post‑employment conduct .
Performance & Track Record
- Customer/restaurant platform leadership: As CCO, Steijaert led creation of Speedee Labs, initiated digital consumer and restaurant platforms, established a product‑centric operating model, launched Chief Restaurant Officer roles across owned markets, and underpinned global PACE to drive data‑driven operational excellence .
- Role transition: On March 10, 2025 the Board appointed Steijaert to succeed Jill McDonald as EVP – President, IOM effective around May 1, 2025, aligning his operational experience with IOM growth and execution priorities .
- Company performance context: 2023 strong momentum (comparable sales +9%, operating income +24%) and 2024 challenges (Systemwide sales +1%, Corporate STIP 27.6% payout), with multi‑year PRSU payout of 170.2% for 2022 awards, signaling emphasis on sustained value creation .
Compensation Structure Analysis
- At‑risk mix: The program heavily weights performance pay; in 2024, 92% of CEO and ~84% of other NEO target total direct compensation were performance‑based, with 50/50 PRSUs and options for LTI .
- Metric alignment: 2024 STIP added New Restaurant Openings and a Strategic Scorecard to Operating Income and Systemwide Sales, sharpening focus on development, values, engagement, and franchising execution .
- Pay outcomes reflect operations: 2024 below‑target results drove low STIP payouts (27.6%), whereas 2022–2023 multi‑year performance supported high PRSU payouts (170.2%), indicating strong pay‑for‑performance calibration across cycles .
- Risk controls: Caps on incentive payouts, clawbacks, ownership/retention requirements, and prohibitions on hedging/pledging mitigate excessive risk-taking and ensure alignment with shareholders .
Equity Ownership & Alignment
| Policy/Disclosure | Details |
|---|---|
| Executive ownership guidelines | CEO: 6x salary; Other NEOs: 4x; five‑year compliance window with retention triggers if off track; restart on promotion . |
| Hedging/pledging | Prohibited for executives; cannot transfer economic interest in awards via derivatives . |
| Group ownership | Directors and executive officers as a group owned <1% of common stock as of March 1, 2025 . |
Employment Terms
| Term | Provision |
|---|---|
| Severance multiples | CEO/CFO: 1.5x salary + target STIP; Other participating U.S. execs: 1.0x; COBRA subsidy (18m CEO/CFO; 12m others); prorated STIP and transitional benefits; 409A timing rules . |
| Equity treatment | Retirement/no‑cause: continued option vesting and extended exercise; death/disability: immediate option vesting with 3‑yr exercise; voluntary: forfeit unvested, 90‑day window on vested; for cause: forfeiture . |
| Change‑in‑control | No CIC agreements; no single‑trigger benefits; no 280G gross‑ups . |
| Clawback and covenants | SEC/NYSE‑compliant clawback; forfeiture/recoupment for willful fraud or restrictive covenant breaches (during or after employment) . |
Investment Implications
- Alignment: Strong structural alignment via PRSUs tied to EPS/ROIC (with TSR modifier) and option mix, ownership requirements (4x salary for senior officers), and prohibitions on hedging/pledging reduce agency risk and signal durable shareholder alignment .
- Retention risk: U.S. Officer Severance Plan provides meaningful protection (up to 1.5x for certain roles), and retirement/no‑cause equity treatment reduces forced selling pressure; however, low 2024 STIP payouts (27.6%) could modestly impact morale/retention, partly offset by multi‑year PRSU opportunity .
- Execution signal: Steijaert’s move to lead IOM leverages deep operational and customer platform experience (Speedee Labs, PACE); success should show up in development/new restaurant opening metrics and segment Systemwide sales/operating income, directly tied to incentive payouts .
- Pay discipline: No CIC agreements or tax gross‑ups, capped incentives, and robust clawbacks reflect governance discipline that reduces compensation-driven risk-taking; investor say‑on‑pay support historically strong (e.g., 91% in 2022), and 2025 CD&A reiterates pay-for-performance posture .
Note: Individual compensation, ownership, and Form 4 trading data for Manuel Steijaert were not disclosed in the 2024–2025 proxy tables; program-level disclosures and role appointments are used to assess alignment, retention risk, and incentive levers .