Lilly elects McDonald's prez to board

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The board of directors of Eli Lilly has elected Ralph Alvarez as a new member, effective April 1.

Alvarez currently serves as president and chief operating officer (COO) of McDonald's and is also a member of McDonald's board of directors, the Indianapolis-based company. As a member of Lilly's board, Alvarez will serve on both the board's finance committee and public policy and compliance committee.

He will serve under interim election and will stand for election by Lilly shareholders at the company's annual meeting in 2010. As president and COO of McDonald's since August 2006, Alvarez sets the global strategy and directs operations for the nearly 32,000 McDonald's restaurants in 118 countries.