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McDonald's CEO Steps Aside After Tough Year

Chain gets 1st British chief
By Rob Quinn,  Newser Staff
Posted Jan 28, 2015 10:10 PM CST
Updated Jan 29, 2015 12:15 AM CST

(Newser) – After a rough couple of years at the top, McDonald's CEO Don Thompson says it is time to say "goodbye to the McFamily." Thompson, who has been with the world's biggest restaurant chain for almost 25 years and took charge in 2012, is leaving after a major sales slump and a 15% drop in annual profits, reports Forbes.

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Thompson, who joined McDonald's as an electrical engineer and says he eats there every day, will be replaced by chief brand officer Steve Easterbrook, a former accountant who will be the chain's first British CEO, reports the Financial Times. McDonald's shares have fallen around 6% over the last year but they jumped 3% after news of Thompson's departure, reports the Guardian. (Read more Don Thompson stories.)

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