McDonald’s announces CEO change, but doesn’t explain why

The fast food giant’s CEO, Don Thompson, will step down as of March 1. Declining profits are the likely culprit.

McDonald’s announced Wednesday that its CEO, Don Thompson, would end a 25-year career with the company on March 1. The press release’s message fits with the fast food chain’s brand image, because everyone seems to be lovin’ it.

“It’s tough to say goodbye to the McFamily, but there is a time and season for everything,” Thompson is quoted as saying. “I am truly confident as I pass the reins over to [new CEO] Steve [Easterbrook] that he will continue to move our business and brand forward.”

Andrew McKenna, non-executive chairman of the company’s board of directors, said of Thompson, “We will be indebted for his passionate leadership, business acumen, dedication and system knowledge.”

What the release doesn’t provide is a reason for the leadership change. According to the release, Thompson “will retire” from the position, but the executive is only 51.

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