Jim Cantalupo, a veteran McDonald’s executive who took the reins less than two years ago to pull off a miracle turnaround, died suddenly yesterday at the age of 60.
Cantalupo, a veteran board member since 1987, would have needed just two more weeks on the job to trigger a $91 million stock options windfall.
He died yesterday in Orlando, Fla., at the opening of a company convention to celebrate and build on the company’s revival.
McDonald’s shares have surged 71 percent since Cantalupo was named chairman and CEO in January 2003.
As reward for his turnaround chore, he was awarded more than 3.4 million stock options, which he would have been entitled to redeem on May 1, 2004 – just two weeks away.
The company, whose locations in 119 countries were in mourning for Cantalupo, had no immediate comment on whether the board would waive its rules and grant the options to his estate for his widow, Joann.
McDonald’s named COO Charlie Bell, 43, to replace Cantalupo.
Bell, an Australian, becomes the first foreigner to head McDonald’s.
Cantalupo came out of brief retirement in 2003 to help revive the chain, where be began working in 1974. He had risen to vice chairman and president in his career and had owned outright about 385,000 shares, valued at about $10.3 million.
His death follows the untimely recent passing of two other top executives in the fast food industry: Dave Thomas, founder of burger chain Wendy’s International, of cancer in 2002; and Wendy’s CEO Gordon Teter, of a heart attack in 1999 at age 56.
McDonald’s shares fell 61 cents, or 2.2 percent, to $26.75.