McDonald’s CEO Don Thompson to step down in February

McDonald’s CEO Don Thompson to step down in February

McDonald’s CEO Don Thompson will step down at the end of next month and Chief brand officer Steve Easterbrook will take over the responsibility of managing the biggest fast-food chain in the world. McDonald’s faced the worst quarters in decades after the company faced decline in same-store sales and food safety issues in China.

Don Thompson joined McDonald’s in 1990 as an electric engineer. He took over the control of McDonald’s in July 2012.

In China, the products used in the fast food chain came under scrutiny after a news report pointed out that the material used by some of the stores included relabeled old ingredients. McDonald’s suffered massive drop in the sales in Chinese market, one of the major markets for the fast-food giant.

McDonald’s also faced tough time in the European market as the company had to compete with local businesses. Additionally, the spending in Europe was lower as the economic situation continued to remain weak during the past few quarters.

In the United States, McDonald’s is facing tough competition from regional food outlets, Chipotle Mexican Grill and Five Guys Burgers and Fries, some places that offer wider menu options to customers. McDonald’s has planned to promote its earlier campaign “i’m lovin’ it” but advertising market experts are not very confident about the move.

McDonald’s stock jumped more than three percent after the announcement came during the extended trading.

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