McD plots plan post-Greenberg

As Jack Greenberg, 60, passes on the reins at McDonald's Corp., franchisees and investors are saying they hope a reorganized senior-management team can pull the company out of its two-year earnings and sales slump. While many analysts had preferred that an outside executive take the helm, the world's largest restaurant chain chose Greenberg's successor from within the company's ranks. Jim Cantalupo, 59, who had briefly retired from the company after a 28-year stint, will return as Greenberg's replacement on Jan. 1, 2003. During Greenberg's tenure McDonald's expanded its holdings beyond burgers by purchasing the Boston Market and Donatos Pizzeria chains as well as stakes in Chipotle and other quick-service brands. The fast-food giant also spent hundreds of millions of dollars to roll out the Made For You cooking system that so far has failed to spark domestic sales. McDonald's profits have dropped in seven of the last eight quarters, and in recent months the company's stock has traded at seven-year lows.