McDonald's
boss Don Thompson is stepping down after two and a half years in the job, as
the company continues to struggle with a declining customer base in the US. He will
be replaced by British-born Steve Easterbrook, the company's current chief
brand officer, in March. Continue..
"It's
tough to say goodbye to the McFamily," said Mr Thompson, a 25-year
veteran, in a press
release.
McDonald's
recently reported disappointing results.
Fourth
quarter earnings were $1.1bn, down 21% from a year earlier. The company also
reported its fifth consecutive decline in sales.
Crucially,
sales in the lucrative US market were down by 4.1%, as US consumers continue to
eschew McDonald's, in favour of so-called "fast-casual" restaurants
like Chipotle and Shake Shack.
After the earnings were
released last Friday, McDonald's said its profits would remain under pressure
for the next several months as it sought to lure back consumers with menu
changes.
The
company is also facing a labour issue in the US, where efforts to unionise fast
food workers have led to a spate of lawsuits.
Mr
Thompson was paid $9.5m in 2013, the most recent year for which data is
available.
His
successor, Steve Easterbrook, grew up in Watford, UK, and previously ran the
Pizza Express and Wagamama restaurant chains.
He
attended Watford Boys Grammar School and studied Natural Sciences at Durham
University, before becoming an accountant at Price Waterhouse.
Mr
Easterbrook will become McDonald's first ever non-US chief executive.
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