McDonald’s Corp. said Wednesday that CEO Jim Skinner will retire later this year and hand over the responsibility of running the world’s largest burger chain to the company’s president.
Skinner, who has been CEO since 2004, will step down on June 30 after 41 years with McDonald’s. Donald Thompson, a 22-year McDonald’s veteran who is responsible for global strategy and operations for the chain’s more than 33,000 restaurants in 119 countries, will take over the helm the next day, the company said.
Thompson, who has long been considered among the top candidates in line to succeed Skinner, will be the first African American to head McDonald’s since it was founded in 1955.