Mcdonald’S Slashes Headquarters Staff

McDonald’s Corp. announced Wednesday it will slash 525 jobs, or 23 percent of its headquarters staff, in the fast-food chain’s first layoffs in its 43-year history.

The Oak Brook, Ill.-based chain said the cuts from its staff of 2,300 during the next 18 months are being made to boost productivity and reduce costs. Most of the cuts will come through buyouts and early retirement.

Some employees had been told during the past few weeks that their positions were being eliminated and they were offered incentive packages to leave, several newspapers reported.

“While eliminating jobs is a painful process, both personally and culturally, it is necessary to make these changes,” McDonald’s president and chief executive-elect Jack Greenberg told employees Wednesday.