In a 23-minute video message, McDonald’s CEO Steve Easterbrook announced sweeping changes to the company’s operations. The changes are an attempt to effectively respond to increased competition, declining market share and the company’s poor performance. Profits dropped 15% in 2014. The chain has more than 32,000 restaurants around the world.
Easterbrook said that the company “will focus more on listening to customers, saying there will be “less sweeping talk of millennials” as though they’re a homogenous group.”
In the “flagship” U.S. market, the company’s menu has been perceived as being “too complicated.” There have also been complaints of poor food quality. McDonald’s hopes to change that perception by introducing higher-end items, including “a trio of new sirloin burgers.”
Already, McDonald’s has tried a number of moves to inject some life back into its brand.
Back in December, it said it would start trimming its menu to simplify operations and make room for new offerings. More recently, it began testing an all-day breakfast menu in San Diego, revamped its grilled chicken recipe and said it would curb the use of antibiotics.