Don Thompson to Assume Top Executive Post for McDonald's

3/23/2012, 11:35 a.m.

The McDonald's Corporation has announced that following the retirement this summer of Vice Chairman and Chief Executive Officer Jim Skinner, that Don Thompson, president and chief operating officer, will take over. Skinner, who is stepping down after 41 years with the company, said that doing what's right for customers and the business drove his passion for his work. His resignation is effective June 30.

"I'm honored to have served and earned the trust of the Board, our shareholders, franchisees, suppliers and the men and women of this great company," Skinner said in a statement. " Don Thompson is well prepared for the CEO role, and under his leadership, our company will continue to meet the needs of our 68 million customers around the world every day. With Don at the helm, I am extremely confident in the future of McDonald's."

Thompson,48, said he was honored to succeed Skinner.

"Jim has been an outstanding leader, mentor and friend. I'm humbled to take the baton as CEO of McDonald's," he said. "Our management team is strong and will remain focused on the Plan to Win and on our three global priorities -- optimizing the menu, modernizing the customer experience and broadening our accessibility to even more customers. Our franchisees, suppliers and employees are committed to ensuring that McDonald's is our customers' favorite way and place to eat and drink."

Thompson, a 22-year veteran of McDonald's, started out as an electrical engineer. He assumed his current post in January 2010. In this capacity, he has directed global strategy and operations for more than 33,000 McDonald's restaurants in 119 countries. Previously, he served as President of McDonald's USA from 2006 until 2010. In that role, he was responsible for the strategic direction and positive business results of the nearly 14,000 restaurants in the U.S.

In addition to serving on McDonald's Board of Directors, Thompson is a member of the Board of Directors of Exelon Corporation and Northwestern Memorial Hospital. He also is a Trustee of his alma mater, Purdue University.