McDonald's says CEO Jim Skinner is retiring June 30
OAK BROOK, Ill. — McDonald’s said Wednesday that CEO Jim Skinner will retire later this year and hand over the responsibility of running the world’s largest burger chain to the company’s president.
Skinner, who has been CEO since 2004, will step down on June 30 after 41 years with McDonald’s. Donald Thompson, a 22-year McDonald’s veteran who is responsible for global strategy and operations for the chain’s more than 33,000 restaurants in 119 countries, will take over the helm the next day, the company said.
Thompson, who has long been considered among the top candidates in line to succeed Skinner, will be the first African American to head McDonald’s since it was founded in 1955.
Andy McKenna, chairman of McDonald’s board, said in a statement that Thompson’s track record and experience “speak to his qualifications to further drive the company’s momentum.”
Indeed, the challenge for Thompson, 48, will be to continue the momentum that Skinner, 67, started.
Skinner was among the group of executives that designed the “Plan to Win,” which was rolled out in 2003. The plan is credited with turning around the company, which had seen its stock drop after years of corporate expansion.
