Millennium Post

McDonald's CEO pays for poor quarterly results, shown door

Fast-food giant McDonald's has replaced president and chief executive Donald Thompson, after the company turned in another poor quarter of sales and earnings last week.

McDonald's board of directors said yesterday that it had chosen senior executive vice president Steve Easterbrook to replace Thompson, voicing confidence he "can effectively lead the company to improved financial and operational performance."

The decision came five days after the company reported a 2.4 per cent decline in revenues last year
and a 19 percent drop in earnings per share, with falls in store traffic in all regions.

With 36,000 outlets in over 100 countries, the burger chain has been challenged by changing consumer tastes, agile new fast-food chains and a slump in sales in China and Japan after supplier issues sparked a scare over food safety.


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