McDonald’s stock jumped after the announcement of CEO Donald Thompson’s retirement.
After 25 years of service at McDonald’s and two years as its head, Donald Thompson is stepping down from his position as CEO of McDonald’s. McDonald’s Corporation’s Board of Directors made the announcement on January 28th, Thompson will be retiring as of March 1st.
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The Board of Directors has already elected his replacement. Thompson will be replaced by Steve Easterbrook as President and Chief Executive of McDonald’s. Easterbrook has had experience in McDonald’s as the Senior Executive Vice President and Chief Brand Officer for their UK and European division.
Along with the announcement of Donald Thompson’s retirement, and Steve’s promotion, McDonald’s has promoted Pete Bensen, from Senior Executive VP and Chief Financial Officer to Chief Administrative Officer.
This is the creation of a new position which has the occupant reporting to the CEO of McDonald’s. McDonald’s in the past year has shown signs of decline, with sales dropping in the United States and worldwide.
McDonald’s a fast food service chain known on a worldwide basis has been taking a beating after 66 years. Change was required. The announcement of Donald Thompson’s retirement and key management changes made by the McDonald’s Board of Directors saw a jump in the McDonald’s stocks. This is only the beginning.
The new CEO of McDonald’s has a lot of challenges to face in the upcoming months with the drop in McDonald’s stocks. The McDonald’s company is trying different changes and innovations to draw in a new generation of customers.
A generation that is not only looking for fast food, but for good high quality food in a comfortable environment, and that is even willing to pay extra for it, is about to be engaged by the company’s marketing department.
McDonald’s is trying various methods of attracting more customers into their restaurants. They are changing their menu, adding things and taking some away, as well as focusing on what the customer wants.
The image they want to project is one of providing good high quality food, rather than just lots of eatables in mass quantities. With a new CEO at the helm, McDonald’s Corporation hopes to implement changes that will meet the needs of their customers.
The experience that Easterbrook brings as a former Brand Officer will provide insight on what this generation of customers is looking for in fast food service. With new ideas being tested, such as advanced menu innovation, and elevating their marketing, McDonald’s hopes to see change. The bar is set high and the company hopes to see a return in the upcoming months.
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