McDonald's, Starbucks, Coca-Cola, PepsiCo and General Electric __ ubiquitous global brands and symbols of U.S. corporate might __ all announced Tuesday they were temporarily suspending their business in Russia in response to the country's invasion of Ukraine.
“Our values mean we cannot ignore the needless human suffering unfolding in Ukraine,” McDonald's President and CEO Chris Kempczinski said in an open letter to employees.
“Through this dynamic situation, we will continue to make decisions that are true to our mission and values and communicate with transparency," Johnson wrote. “Now more than ever we must stay true to the humanitarian aspect of our business,” PepsiCo CEO Ramon Laguarta said in an email to employees. In a recent regulatory filing, McDonald's said its restaurants in Russia and Ukraine contribute 9% of its annual revenue, or around $2 billion last year.
Some of the companies have a long history operating in Russia. PepsiCo entered the Russian market in the early 1960s, at the height of the Cold War, and helped to create common ground between the U.S. and the Soviet Union. Pressure had been mounting on companies that remained in the country. Hashtags to boycott companies like McDonald’s, Coca-Cola and PepsiCo quickly emerged on social media.