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Former McDonald's CEO Bell dies
CHICAGO (CBS.MW)
-- McDonald's Corp. former President and Chief Executive Officer Charlie Bell,
who had been fighting cancer since May, died Sunday in his hometown of Sydney,
Australia, the company said. He was 44.
Bell was diagnosed with colorectal cancer last spring, just two weeks after
he was named to McDonald's top spot to replace his longtime friend and mentor,
Jim Cantalupo, who had died suddenly of a heart attack at age 60.
Bell had resigned from the Oakbrook, Ill.-based fast-food giant (MCD: news,
chart, profile) on Nov. 22 "to devote all his time and energy" to
his battle with cancer, the company said then. Shortly afterward, he and his
family moved back to Australia.
"This is a tragic loss," said McDonald's Chairman Andrew McKenna in
a statement. "Even during his hospitalization, Charlie led this company
with pride and determination."
Bell spent his entire career at McDonald's, starting as a part-time crew member
at the Kingsford restaurant in Sydney when he was 15. He progressed quickly,
becoming Australia's youngest store manager only four years later. At 27, he
was a vice president and at 29, on the Australian board of directors.
Bell held most top-level jobs in Australia, Europe and the Asia/Pacific, Middle
East, Africa division -- working closely with Cantalupo -- before moving to
the U.S. as president of the worldwide system in December 2002. As Cantalupo's
right-hand man, Bell was instrumental in the remarkable turnaround of the company
in 2003 and throughout 2004. He spoke of his strong friendship and relationship
with Cantalupo at Cantalupo's funeral in April.
Throughout his ordeal, Bell kept employees, investors and customers up to date
on his progress through e-mails that were notable for their upbeat tenor.
Though McDonald's spokespeople would not comment on Bell's health in recent
weeks, it was clear his condition was grave.
After the company moved Bell and his family back to Australia, McDonald's transferred
all his accumulated stock options to his wife.
In a filing with the Securities and Exchange Commission on Dec. 13, McDonald's
amended the terms on more than 1.43 million options that Bell built up from
1996 to 2004 and immediately vested about 655,000 of the unvested shares.
In November, McDonald's appointed Jim Skinner, vice chairman, to succeed Bell
as chief executive. The company also promoted Mike Robert, president of the
U.S. division, to head up the worldwide operations.
Said McKenna, "Charlie Bell loved McDonald's and McDonald's loved Charlie
Bell."
Bell is survived by his wife and children.
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