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The case examines the role of financial accounting in evaluating CEO performance in the context of the appointment of McDonald's first African-American chief executive and his subsequent two-and-a-half years on the job. The case deepens students' understanding of the link between financial reporting and stewardship, while highlighting the subjectivity inherent in assessing managerial performance, particularly over relatively short time periods. As students analyze the case, they must consider the extent to which a firm's results are attributable to luck vs skill. We use 'skill' to refer to CEO effort and other controllable factors, while 'luck' refers to exogenous factors, such as macroeconomic conditions. Assessing stewardship is of practical significance. It allows pay to be better aligned with performance and empowers stakeholders to identify when a change of leadership may be warranted. The case may also be used to spur reflection, in an applied context, on the importance of being alert to unconscious bias, even when evaluating seemingly objective financial reporting data. Recent research, discussed herein, suggests that business students sometimes exhibit bias when making assessments.