“Our values mean we cannot ignore the needless human suffering unfolding in Ukraine,” McDonald's President and CEO Chris Kempczinski said in an open letter to employees. Alshaya Group will continue to pay Starbucks' 2,000 Russian employees, Starbucks President and CEO Kevin Johnson said in an open letter to employees. Unlike Starbucks and other fast food companies like KFC and Pizza Hut, whose Russian locations are owned by franchisees, McDonald's owns 84% of its Russian stores. In a recent regulatory filing, McDonald's said its restaurants in Russia and Ukraine contribute 9% of its annual revenue, or around $2 billion last year. Last week, New York State Comptroller Thomas DiNapoli —— a trustee of the state's pension fund, which is a McDonald's investor —— sent letters to McDonald's, PepsiCo and eight other companies urging them to consider pausing their operations in Russia.

Source: The Star March 09, 2022 16:43 UTC