#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 6°C Tuesday 29 September 2020
Advertisement

The CEO of McDonald's has resigned after coming under severe pressure

Shares jumped after he stepped down. Ouch.

mc2

THE APTLY-NAMED chief executive of McDonald’s, Donald Thompson, has resigned from his post after just two years at the helm – and shares in the fast food giant jumped three per cent on the New York Stock Exchange as a result. Ouch.

huff post 2 Donald Thompson Source: huffingtonpost.com

Thompson had been under severe pressure in recent times.  The company’s stock has remained stagnant for the duration of the 25-year company veteran’s tenure, while McDonald’s Asian arm has experienced extended fallout in China and Japan after one of its suppliers was at the centre of a food safety scandal in July 2014.

The company saw profits fall by 15% in 2014 while global revenue fell 7% to $6.5 billion for the year.

mcdonalds company filings McDonalds restaurant sales 2014 Source: Company Filings

Thompson will be replaced effective 1 March by current senior vice president Steve Easterbrook. He will also serve as company president as a result of a managerial shakeup that will also see current corporate controller Kevin Ozan taking over as Chief Financial Officer.

easter2 New McDonald's CEO Steve Easterbrook

Despite its recent tribulations, McDonald’s Corporation remains the largest supplier of fast food internationally with 36,000 outlets in more than 100 countries.

Read: Here’s how McDonald’s chips are made, and what exactly goes into them

Read: Irish Five Guys burger franchise shows ‘the worm is turning’

Read next:

COMMENTS (47)