March 09--Don Thompson, who recently retired as chief executive of struggling McDonald's, has joined the board of directors of Chicago-based financial services provider Northern Trust.
"He brings deep management and board experience from the perspective of complex, multinational corporations," Northern Trust CEO Rick Waddell said in a statement about Thompson's election to the board.
Thompson had served as McDonald's CEO since 2012. He joined the fast-food chain in 1990. He also served as a director of McDonald's from 2011 to March 1, 2015, and of Exelon from 2007 to 2013.
Last week, the Tribune reported Thompson will take home $3 million over the next year for providing consulting services to McDonald's.
According to a Securities and Exchange Commission filing Monday, outside Northern Trust directors receive an annual retainer of $220,000 -- half in cash and half in restricted stock units. Directors who are committee chairs or who serve on the audit committee receive additional payments.
Northern Trust's board hasn't yet determined the committees on which Thompson will serve, the filing said.
With Thompson's election, the size of Northern Trust's board has risen from 12 to 13 members.
He's the third black board member at Northern Trust.
byerak@tribpub.com
