"The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values," the company said in a statement on Monday.
This morning, our CEO Chris Kempczinski announced McDonald’s plan to completely exit the Russian market, following our decision to pause operations in Russia earlier this year. For more details on this values-led decision, click to read Chris’s message. https://t.co/lvkjO51n5M
— McDonald's Corporation (@McDonaldsCorp) May 16, 2022
McDonald’s president and chief executive officer, Chris Kempczinski, said, “We have a long history of establishing deep, local roots wherever the Arches shine. We’re exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees.
“Their dedication and loyalty to McDonald’s make today’s announcement extremely difficult. However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there.”
As a result of its exit from Russia, the company expects to record a charge, which is primarily non-cash, of approximately $1.2-1.4bn to write off its net investment in the market and recognise significant foreign currency translation losses previously recorded in shareholders’ equity.