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McDonald’s Shakeup: CEO Don Thompson Is Stepping Down

Amid a tumultuous past year for McDonald's, the world's biggest restaurant chain's CEO Don Thompson is retiring after two years on the job, effective March 1. The fast food is also getting a new CFO. The restaurant's Senior Executive Vice President and Chief Brand Officer Steve Easterbrook will replace Thompson, who is a 25-year veteran of the company, the company announced on Wednesday. Previously, Easterbrook served as president of McDonald's Europe and led the chain's "efforts to elevate its marketing, advance menu innovation, and create an infrastructure for its digital initiatives." The company's CFO Pete Bensen will also transition to the role of Chief Administrative Officer while Kevin Ozan, the company's current corporate controller, will become the chain's new CFO.

On Friday, the company delivered its latest update on its ongoing U.S. turnaround, ongoing problems in Asia and the currency headwinds it faces.To turn around the U.S. unit, the company is shelving some menu items to reduce complexity, creating a build-your-own sandwich and focusing its advertising its efforts on stressing the quality of its food to consumers.

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— Katie Little, CNBC.com