Protesters gathered outside of McDonald’s (NYSE:MCD) headquarters in Illinois early Wednesday demanding a $15 per hour minimum wage, but the fast food giant's former CEO Ed Rensi said the whole movement is falling apart.
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“Cook County here in Illinois [rose] to $15 and the surrounding cities don’t have to comply so they’re all bailing on Cook County’s initiative,” Rensi told the FOX Business Network’s Stuart Varney, saying small businesses in cities like New York, Seattle, Portland, and San Francisco are in danger. “Small businesses are collapsing under the weight of minimum wage,” he said.
Rensi blamed the movement on unions rather than people who need more income.
“The Service International Employee Union – their chief, their CEO makes north of $600,000 a year with [perks] and benefits and you compare that to the $15 per hour [they want],” he said.
Rensi added, “And by the way, those protesters out there in Oak Brook [Illinois] make sub minimum wage—they are a bunch of socialist, fascist hypocrites as far as I’m concerned.”
The “Fight for $15” protests come amid efforts to woo back customers and stronger-than-expected first-quarter sales.
McDonald’s shares were on track for a record close on Wednesday. It would be the 18th record this year for the fast-food giant.