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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