McDonald's CEO Don Thompson to Step Down
Posted on January 28, 2015
McDonald's CEO Don Thompson is stepping down falling a fall in revenues. Thompson will be retiring as CEO and President effective March 1st. He will also resign as a member of the fast food chain's Board of Directors after twenty five years. A McDonald's Quarter Pounder is pictured above.The New York Times notes that McDonald's just recently reported a quarterly revenues down 7% and a drop in earnings of 21%. CNBC says shares of the stock have been relatively flat overall since Thompson took over as CEO two years ago although there have been peaks and valleys if you look at the MCD 2-year chart here on Yahoo Finance.
Steve Easterbrook will be taking Thompson's positions as CEO and President as well as Thompson's Board seat. Easterbrook was Senior Executive Vice President and Chief Brand Officer before today's promotion.
Thompson says in a statement, "It's tough to say goodbye to the McFamily, but there is a time and season for everything. I am truly confident as I pass the reins over to Steve, that he will continue to move our business and brand forward."
McDonald's shares are up over 3% in after hours trading on the news.