CEO of McDonald's stepping down

(Image credit: Andrew Burton/Getty Images)

McDonald's CEO Don Thompson announced Wednesday he is retiring, effective March 1.

"It's tough to say goodbye to the McFamily, but there is a time and season for everything," he said in a statement. The 25-year veteran of the company will be replaced by Senior Executive Vice President and Chief Brand Officer Steve Easterbrook. After the news was announced, McDonald's stock went up three percent to $91.50. Last quarter, profits were down 21 percent to $1.13 per share, missing estimates of $1.23 per share, and revenue fell 7 percent, Forbes reports.

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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.