TheStreet’s Jim Cramer says it’s out with the old and in with the new at McDonald’s. Steve Easterbrook has been tapped to replace Don Thompson as the burger chain’s CEO. Cramer says Easterbrook ran 7,000 restaurants in Europe and he’s very much in tune with the zeitgeist of burgers. Cramer says McDonald’s is worth very little right now because the U.S., Europe and Asia have done badly under Thompson. Easterbrook will try to turn it around. Here’s what Cramer says you need to know: the franchises have to be won over before they can win over the customers. Thompson lost the franchisers, the most important constituency. If they turn around the franchisers, Cramer says, then the customers will come back. He warns investors that it’s going to be a long road before the company can turn things around. Cramer owns McDonald’s in his Action Alerts PLUS portfolio.
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