Arcos Dorados CFO José Carlos Alcantara leaves at short notice

  • Signs for push-out forces
  • After two years on the job
  • Mariano Tannenbaum taking over

( — Montevideo, Uruguay, January 04, 2017 — José Carlos Alcantara, finance chief of Arcos Dorados, leaves. It is a change at short notice. As announced by Arcos Dorados Holdings Inc. in a news release on Wednesday, January 04, 2017, José Carlos Alcantara leaves the post as Chief Financial Officer at the world’s largest McDonald’s franchisee in a surprising move after two years on the job, effective February 01, 2017.

No company wants a CFO to flame out in the first years.

Alcantara’s duties are taken over by Mariano Tannenbaum, currently Senior Director of Corporate Finance at Arcos Dorados Holdings Inc.

The move is part of a management shake-up. Arcos Dorados also announced the appointment of Dan Gertsacov as Chief Marketing and Digital Officer.

“New personal and professional endeavors”

The management change is explained as follows. Arcos Dorados said: José Carlos Alcantara “has decided to take on new personal and professional endeavors”.

The phrase “has decided to take on new personal and professional endeavors” is often used in corporate announcements and opens the door to speculation.

Wake-up call

Generally speaking, it is often an alarm signal for shareholders when a CFO leaves the post at short notice and without a reasonable explanation.


Arcos Dorados said: “Mr. Tannenbaum’s appointment is effective on February 1, 2017 and he succeeds José Carlos Alcantara.”

Precise information about the future plans of Alcantara was not immediately available.

“I am not in a position to disclose the information that you are requesting about José Carlos’s next move,” said Daniel Schleiniger, spokesperson at Arcos Dorados, in an emailed response to a query.

Share price decline

The change follows a decline in the share price of Arcos Dorados Holdings Inc. since September 2011.

Chaired by Woods Staton

Arcos Dorados Holdings Inc. is chaired by Woods Staton.

Staton is the Executive Chairman of the Board. Staton was Arcos Dorados’ Chief Executive Officer from 2007 through October 2015.

Sergio Alonso serves as CEO of Arcos Dorados Holdings Inc. Alonso is Arcos Dorados’ Chief Executive Officer since 2015 and was, prior to his appointment as such, Chief Operating Officer.

On the job as CFO since 2015

Alcantara has been Chief Financial Officer at Arcos Dorados Holdings, Inc. since January 12, 2015.

He attended Escola Superior de Propaganda e Marketing in Brazil, where he received a Bachelor’s Degree, and Northwestern University’s Kellogg School of Management, where he earned an MBA.

Alcantara has worked as a consultant and as a senior auditor at Ernst & Young and Price Waterhouse Coopers, respectively.

Alcantara has held senior finance positions within PepsiCo’s Quaker Oats and International (LAR Foods & Beverages) businesses both in Brazil and in the United States.

Most recently, Alcantara served as the Managing Director Spanish Latin America at Experian, where he was previously CFO Latin America.

Signs for push-out forces

It is not completely certain what forces eventually triggered José Carlos Alcantara’s move.

The Push-out Score™ determined by suggests that push-out forces may have contributed to the management change.

Read the full story in the report 02.2017 ($).