After a week of hyping a big announcement, McDonald's CEO Steve Easterbrook has finally revealed the company's upcoming plans to turn itself around. Looks like a comprehensive restructuring of the company is in the works, announces the CEO.

McDonald's Corp. will plan to operate fewer "company-owned" restaurants and cut $300 million a year in general and administrative spending, reports NRN. This also means pushing more franchise-owned stores.

Easterbrook admitted that McDonald's current business structure has become "inefficient" and that it lacked "fair accountability for fair performance." Apparently, McDonald's has been using "legacy" business models for years and that just doesn't fly anymore. Easterbrook, who's only been CEO for a month, says that he's working to modernizing the company's current business model.

The fast food chain has underperformed in sales for the past two years. This lead to a worldwide closing of hundreds of unprofitable restaurants.

McDonald's has recently gone through many menu changes and brand redirections in the past two financial quarters. This includes the "Create-Your-Taste" burger customization kiosks, the short-lived "Pay with Lovin" campaign and cutting 9 items from the staple menu.

Easterbrook admitted that sales have definitely been poor and "The numbers don't lie."

Perhaps with these new goals, McDonald's Corp. might see a noticeable change in its sales numbers by next year.