Olympic-Savvy McDonald's CEO Steps Aside

(ATR) McDonald's, an official sponsor of the Olympic Games since 1976, has elected a new president and CEO -- Steve Easterbrook.

In a statement released on Wednesday, McDonald’s board of directors announced that Don Thompson will officially retire as president and CEO on March 1.

Thompson, who replaced Jim Skinner as president and CEO in 2012, has been closely involved with the Olympic Movement throughout his career at McDonald's.

In 2012, Thompson was a key part of the extension of the McDonald's TOP sponsorship.

"It's tough to say goodbye to the McFamily, but there is a time and season for everything," McDonald's quoted Thompson as saying. "I am truly confident as I pass the reins over to Steve that he will continue to move our business and brand forward."

"I am grateful to have had the opportunity to work with Don and congratulate him on his remarkable career at McDonald's," Easterbrook said in a statement.

The company's board of directors is confident in Thompson's successor.

"Steve is a strong and experienced executive who successfully led our UK and European business units," Andrew McKenna, non-executive chairman of the board of directors, said in a statement.

McKenna added, "On behalf of the board, I sincerely thank Don for his valuable contributions and outstanding service throughout his career at McDonald's.

"We will be indebted for his passionate leadership, business acumen, dedication and system knowledge."

Written byNicole Bennett

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