"We haven't seen any [sales] impact," Penegor told TheStreet at our sister publication The Deal's annual corporate governance conference when asked about McDonald's more aggressive entry into fresh beef.
"Now that they have national advertising, I love that they are talking about fresh beef and that fresh does taste better, we have known that for 50 years," Penegor says. "That's why we have fresh beef on every hamburger, in our every restaurant, every single day and they only have it on one particular burger."
Previously the king of frozen beef, McDonald's has moved quickly to roll out its new fresh beef program to scores of restaurants in recent months. The company has ramped up its TV marketing to support the initiative, using celebrities such as Charlies Barkley, Luis Fonis, John Goodman and Gabrielle Union to hawk fresh beef quarter pounders.
Let the summer fresh beef wars commence.
Read more from The Deal's corporate governance conference here.