How Jim Skinner Flipped McDonald’s

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Four years ago, Jim Skinner huddled with a handful of other McDonald’s Corp. executives to tackle a big problem: The company, by most measures, was doing terribly. Mr. Skinner had just been named vice chairman and was part of a new management team charged with helping reverse the company’s sliding profit.

Three days later, the group emerged with a new strategy, named Plan to Win. Instead of continuing to build lots of restaurants, the company would focus on improving existing locations. The goals: faster, friendlier service; tastier food; more appealing ambience; better value; and sharper marketing.