Cantalupo, Jim

▪ 2005

James Richard Cantalupo 

      American businessman (b. Nov. 14, 1943, Oak Park, Ill.—d. April 19, 2004, Orlando, Fla.), established the McDonald's Corp. as an international presence and revived the slumping fast-food giant during his second term as the company's CEO. A graduate of the University of Illinois, he started his career as a CPA for the accounting firm Arthur Young (later Ernst & Young). While Cantalupo was there, one of his clients was the McDonald's Corp, which soon hired him away; he took over as the firm's controller in 1974. Cantalupo quickly advanced through the corporate ranks, with appointments as vice president (1975), senior vice president (1981), chief of operations for the northeastern U.S. (1985), and president of McDonald's International (1987). Under his leadership the number of restaurants abroad increased enormously, and he opened the first McDonald's locations in Russia and China. His performance earned him the title of president and CEO in 1991. Cantalupo guided the company through a period of rapid expansion until his retirement in 2001. His departure coincided with a dip in company revenues, a wave of restaurant closures, and increased scrutiny of the negative health aspects of fast food. Cantalupo later was called out of retirement, and he rejoined McDonald's as chairman and CEO on Jan. 1, 2003. Over the next 16 months, his innovations, including the introduction of healthier menu items, resulted in a major increase in the company's stock price.

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