The president and CEO of McDonald’s will retire effective March 1, the company’s board announced Wednesday, after 25 years with the world’s largest restaurant chain.
Don Thompson will be replaced by Senior Executive Vice President and Chief Brand Officer Steve Easterbrook, who was elected by the board to take his place. McDonald’s still sits atop the fast food throne, with more than 36,000 locations worldwide and some 69 million customers in more than 100 countries per day.
“It’s tough to say goodbye to the McFamily, but there is a time and season for everything,” Thompson said in a statement. “I am truly confident as I pass the reins over to Steve, that he will continue to move our business and brand forward.”
More Must-Reads from TIME
- Why Trump’s Message Worked on Latino Men
- What Trump’s Win Could Mean for Housing
- The 100 Must-Read Books of 2024
- Sleep Doctors Share the 1 Tip That’s Changed Their Lives
- Column: Let’s Bring Back Romance
- What It’s Like to Have Long COVID As a Kid
- FX’s Say Nothing Is the Must-Watch Political Thriller of 2024
- Merle Bombardieri Is Helping People Make the Baby Decision
Write to Eliana Dockterman at eliana.dockterman@time.com