McDonald’s chairman to retire at year’s end

McDonald’s Corp. is replacing its chairman and chief executive, Jack Greenberg, as it struggles to emerge from a deep two-year slump.

The fast-food chain said Thursday that Greenberg, 60, decided to retire at the end of the month after 21 years at the company. McDonald’s board elected the company’s president and vice chairman, Jim Cantalupo, 59, to take over the top two spots.

Several Wall Street analysts had been urging for months that Greenberg be replaced.

McDonald’s stock has lost about two-thirds of its value since Greenberg was named chief executive in 1998, and it fell to a seven-year low this fall.

McDonald’s stock gained 41 cents to close at $18.78 Thursday on the New York Stock Exchange.

Health care

Humana plans job cuts

Managed-care company Humana Inc. said Thursday it would cut about 2,300 jobs, or 17 percent of its work force, as it relies more on technology to serve customers.

Humana said the closing of customer service centers in Jacksonville, Fla., San Antonio and Madison, Wis., will account for more than 900 of the job cuts, which will be completed by the end of next year. The rest of the cuts will be made companywide.

The consolidation will leave Humana with service centers in Green Bay, Wis., Cincinnati, Puerto Rico and Louisville, its headquarters.

Advertising

Government sues maker of weight-loss formula

A company that says its weight-loss product burns away fat while you sleep was sued Thursday by the federal government and two states, claiming deceptive advertising.

Mark Nutritionals Inc., based in San Antonio, used radio disc jockeys on more than 650 stations in 110 cities to sell its Body Solutions Evening Weight Loss Formula, the Federal Trade Commission said.

The FTC lawsuit was filed in U.S. District Court in San Antonio. Texas and Illinois officials filed similar lawsuits Thursday.

Lottery scheme

Canadian telemarketers to refund $1 million

Canadian telemarketers have agreed to repay U.S. consumers about $1 million to settle federal charges that they deceived elderly people with a lottery scheme.

The Vancouver-based telemarketers — operating as Canada Prepaid Legal Services and BSI Premium Bonds — sold consumers fake lottery bonds with promises that buyers would qualify for cash prizes, the Federal Trade Commission said Thursday. The consumers who paid received nothing of value.