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"Oh, shit. Okay. Uh-huh. I just looked at the screen."

$RH's CEO realizing the stock is down -25% mid-earnings call:

The 2003 McDonald's turnaround remains a masterclass in corporate revival, proving that even the biggest brands can falter, but great leadership can bring them back.

Tragically, Cantalupo suffered a fatal heart attack in April 2004, just 16 months into his tenure.

But his strategy laid the foundation for McDonald's future success.

One of his boldest moves was revamping the menu, introducing premium salads, all-white-meat Chicken McNuggets, and the Dollar Menu, a strategy that drove customer traffic while improving margins.

He introduced the "Plan to Win," a back-to-basics strategy centered on menu innovation, operational efficiency, and marketing reinvention.

Cantalupo instead immediately slowed expansion to refocus on existing restaurants, improving service and food quality.

He scrapped underperforming stores and pushed for better customer experience over rapid growth.

Cantalupo's first, brutally honest, letter to shareholders:

You see, before Cantalupo, McDonald's prioritized rapid expansion, growing its store count at a 7% CAGR from 1980-2002.

But this came at a cost, comparable sales fell by 2% in '02, and EPS plunged, dropping 50% between 1999 and 2002.

And the stock? -70% from the peak in '99.

By the early 2000s, McDonald's was in crisis.

Years of unchecked expansion had led to declining food quality, poor customer experience, and neglect of franchisees.

In 2002, for the first time ever, the company posted a quarterly loss. Investors panicked.

The McDonald's turnaround of 2003 is one of the greatest corporate comebacks in history.

This is the story of how Jim Cantalupo saved the world's largest fast-food chain 🧵

#NVDA Q4 2025

"We've successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter." - Jensen Huang

Revenue +78%
*Data Center +93%
*Gaming -11%
*Professional Vis. +10%
*Auto +103%
EBIT +77%
*marg. 61% (62)
EPS +82%

Today.