don thompson

Don Thompson

 

*To say things aren’t working as well as they used to  for McDoanald’s would be an understatement. That means it’s time for a change at the top.

And that means Steve Easterbrook, 48, the company’s chief brand officer, will replace Don Thompson, 51, the current CEO and a 25-year McDonald’s veteran, effective March 1. Thompson also gives up his board seat and Easterbrook gets one.

Investors cheered: McDonald’s stock jumped 3.4% in after-hours trading following the news.

As chief brand officer, Easterbrook was leading McDonald’s efforts to elevate its global marketing, advance menu innovation, and create an infrastructure for its digital initiatives.

The ouster comes after months of declines, criticism and change at the world’s largest fast-food chain. McDonald’s global same-store sales have been declining for months, as have its comparable store sales in the U.S.

Get the rest of this story at USA Today.