McDonald’s CEO Steve Kempczinski defended the fast food chain against allegations of supporting Israel and called the boycott campaign “misinformation.”
In a LinkedIn post on Thursday, Kempczinski addressed the boycott campaign against McDonald’s, describing the claims as “unfortunate and baseless.” He emphasized that McDonald’s is represented by local franchisees in every country they operate, including Muslim countries, and that these individuals work tirelessly to serve their communities and provide employment opportunities.
McDonald’s, along with other brands like Starbucks, came under fire in a series of boycott campaigns that accused them of having Israeli connections following the start of the conflict in Gaza.
In October, McDonald’s Israel’s social media accounts shared photos announcing that they were providing free meals to the Israeli army, a move that was strongly condemned by McDonald’s locations in Muslim-majority countries.
The impact of the boycott campaigns has been felt particularly in Egypt, Jordan, and Malaysia, where Western brands targeted by the campaign have seen a significant decrease in their market value, according to Reuters.
McDonald’s, with over 40,275 restaurants in more than 100 countries, generated $23.1 billion in revenue in the 2022 fiscal year.
Following Kempczinski’s statement, McDonald’s shares experienced a sharp decline.