McDonald's Chief Skinner Steps Down; COO Named As Replacement

Via the Dow Jones Newswires McDonald's Chief Skinner Steps Down

• McDonald's Corp. (MCD) Chief Executive Jim Skinner said he will retire after 41 years with the company, allowing President and Chief Operating Officer Don Thompson to take the helm of the fast-food giant in July.
• Skinner, age 67, was namedMcDonald's chief executive in 2004. During his tenure, he shepherded the company through a strategic initiative launched in 2003 that emphasized greater menu variety, improved restaurant ambiance and aggressive international expansion.
• Analysts have long wondered when the longtime McDonald's CEO would retire. Whenever Skinner was asked that during investor meetings, Skinner would scoff at the question, saying he had no plans to go anywhere. Thompson, a McDonald'sveteran himself, has long been considered one of the leading candidates to succeed Skinner.
• Skinner, who has also served as McDonald's vice chairman, will resign from the company's board at the end of June.
• Thompson, age 48, became COO of McDonald's in 2010. He previously served as president of McDonald's USA. He also helped lead the effort to remodel many restaurants to look more modern, a response to growing competition in the industry.
• Shares were recently off 12 cents at $96.60 after hours. The stock has climbed 31% over the past year.