McDonald's Holdings Co. –

said Friday that managers from its U.S. parent now hold two of the top three positions on its board, signaling a shift in the power dynamics at the country's largest fast food chain.

The shakeup, approved at a general shareholders' meeting, comes in the wake of the announcement this month that founder Den Fujita would step down as chairman and CEO.

Yasuyuki Yagi, president and COO of McDonald's Japan, is now the only Japanese in the top three, who have the right to represent the firm.

The two managers from McDonald's Corp. of the U.S., which has a 50 percent stake in the Japanese firm, have been given representative rights, reversing the old power ratio of three Japanese to two foreigners. Pat Donahue, former chairman and CEO of McDonald's Restaurants of Canada Ltd., was newly appointed to the board and has representative rights. Prior to the reshuffle, five members had the right to represent the company.

Speculation had been rampant among industry watchers since the announcement of Fujita's retirement that the U.S. parent would shorten its leash on the Japanese unit, which in 2002 suffered its first net loss in 29 years.

"I was a bit surprised (to see the board lineup)," said Seiichiro Samejima, senior investment analyst at Ichiyoshi Research Institute Inc. "It clearly shows the U.S. company is strengthening its hold on McDonald's Japan."

While saying it is difficult to see what the lineup holds for the direction of the Golden Arches, Samejima noted the move is likely a part of McDonald's Corp.'s worldwide efforts to revamp operations.

Meanwhile, the shareholders' meeting was the last day for Fujita, who has been credited with forever changing the Japanese dietary landscape.

However, shareholders at the closed session said feelings toward Fujita weren't entirely warm.

"There was even applause of support when one shareholder suggested that Fujita should decline to accept his retirement bonus," an 84-year-old shareholder said. "We are not happy that the share's price has fallen nearly to one-third (of its peak)."