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| McDonald's boss Don Thompson out after nearly three years | McDonald's boss Don Thompson out after nearly three years |
| (1 day later) | |
| McDonald's boss Don Thompson is stepping down after two and a half years in the job, as the company continues to struggle with a declining customer base in the US. | McDonald's boss Don Thompson is stepping down after two and a half years in the job, as the company continues to struggle with a declining customer base in the US. |
| He will be replaced by British-born Steve Easterbrook, the company's current chief brand officer, in March. | He will be replaced by British-born Steve Easterbrook, the company's current chief brand officer, in March. |
| "It's tough to say goodbye to the McFamily," said Mr Thompson, a 25-year veteran, in a press release. | "It's tough to say goodbye to the McFamily," said Mr Thompson, a 25-year veteran, in a press release. |
| McDonald's recently reported disappointing results. | McDonald's recently reported disappointing results. |
| Fourth quarter earnings were $1.1bn, down 21% from a year earlier. The company also reported its fifth consecutive decline in sales. | Fourth quarter earnings were $1.1bn, down 21% from a year earlier. The company also reported its fifth consecutive decline in sales. |
| Crucially, sales in the lucrative US market were down by 4.1%, as US consumers continue to eschew McDonald's, in favour of so-called "fast-casual" restaurants like Chipotle and Shake Shack. | Crucially, sales in the lucrative US market were down by 4.1%, as US consumers continue to eschew McDonald's, in favour of so-called "fast-casual" restaurants like Chipotle and Shake Shack. |
| After the earnings were released last Friday, McDonald's said its profits would remain under pressure for the next several months as it sought to lure back consumers with menu changes. | After the earnings were released last Friday, McDonald's said its profits would remain under pressure for the next several months as it sought to lure back consumers with menu changes. |
| The company is also facing a labour issue in the US, where efforts to unionise fast food workers have led to a spate of lawsuits. | The company is also facing a labour issue in the US, where efforts to unionise fast food workers have led to a spate of lawsuits. |
| Mr Thompson was paid $9.5m in 2013, the most recent year for which data is available. | Mr Thompson was paid $9.5m in 2013, the most recent year for which data is available. |
| His successor, Steve Easterbrook, grew up in Watford, UK, and previously ran the Pizza Express and Wagamama restaurant chains. | His successor, Steve Easterbrook, grew up in Watford, UK, and previously ran the Pizza Express and Wagamama restaurant chains. |
| He attended Watford Boys Grammar School and studied Natural Sciences at Durham University, before becoming an accountant at Price Waterhouse. | He attended Watford Boys Grammar School and studied Natural Sciences at Durham University, before becoming an accountant at Price Waterhouse. |
| Mr Easterbrook will become only the second non-US chief executive to run McDonald's. |