McDonald's Replaces CEO with Chief Branding Officer Following Dropping Sales and Earnings
SEAFOODNEWS.COM [New York Times] By Hiroko Tabuchijan - January 29, 2015 -
McDonald’s announced yesterday that its chief executive would step down, just days after the fast-food restaurant chain posted one of its worst financial performances in years.
Don Thompson, 51, will retire as president and chief executive, effective March 1, McDonald’s said in a statement. He will be replaced by Steve Easterbrook, the chain’s chief branding officer, who will also replace Mr. Thompson on the McDonald’s board, the statement said.
Last week, McDonald’s reported a sharp decline in sales and earnings as stiff competition and evolving consumer tastes continued to take a toll on the firm, one of America’s biggest restaurant brands. It has lost a lot of ground with consumers, including having difficulty attracting millennial consumers who gravitate more toward what are called fast-casual restaurants, like Chipotle.
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