Oak Brook: McDonald's Corp. on Wednesday tapped Chief Brand Officer Steve Easterbrook as its new president and CEO to succeed Don Thompson.
McDonald's has been dealing with intense competition and changing consumer tastes. Earlier this month, the world's largest hamburger chain reported falling earnings and sales for its fourth quarter and said it is going to take action this year to save money and bring back customers. This includes slowing down new restaurant openings in some markets. It's also making menu changes.
Thompson will retire March 1 after nearly 25 years with the Oak Brook, Illinois-based company. He has been CEO for about two-and-a-half years.
Easterbrook is also a senior executive vice president. He has led efforts related to marketing and menus.
In after-hours trading, shares of the company jumped 3 percent to $91.55. The stock has declined about 6 percent in the past year while broader markets are up in the double digits.
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