McDonald's Japan chief quits amid revamp

AP , TOKYO
Thursday, May 13, 2004,Page 12

The president of the Japanese unit of McDonald's resigned yesterday following recent moves by the US fast-food chain to reshape its leadership to turn around the struggling business here.

A replacement has not yet been chosen for Yasuyuki Yagi, a 30-year employee of McDonald's who stepped down as president and chief operating officer, the Tokyo-based company said.

"I am proud of my colleagues at McDonald's and I also believe they will achieve fantastic success in a new era of growth and development," Yagi said in a statement announcing his resignation.

McDonald's Holdings Co Japan, which is 50 percent owned by McDonald's Corp of the US, has been revamping its operations after suffering a group net loss of ?7 billion (US$62 million) for the year ended Dec. 31.

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