After a steady decline in sales, the fast food giant, McDonald’s, has recently announced that its chief executive will depart from the company effective on March 1st, 2015. The company has been known to have been losing its share in the U.S. Market in the past years, the first time in 12 years. Rivals such as Shake Shack and Five Guys have continuously beaten them in sales. In fact, the fourth quarter earnings of McDonald’s have fallen 21% lower than last year with $1.1 billion.
U.S. customers are slowly losing their interest with the said company because they are now favoring the fast-casual restaurants such as Shake Shack.
During this difficult time for the company, Don Thompson served as the President and CEO of McDonald’s. He has been with McDonald’s since 1990 and became CEO last 2012 but now it is reported that he has been axed from the company due to the pressure being given to him by investors who are deeply concerned about the company’s poor performance.
Don Thompson said it is really hard to leave the McFamily but he is confident that the next CEO would redeem the company from its recent disappointments.
Thompson also said that the whole company is changing but that it will also take time for the public to notice the changes being made.
The torch will be passed on to the company’s brand manager, Steve Easterbrook, who also happens to be the first non-American to ever hold the position. Steve Easterbrook was born and raised in the U.K. and prior to receiving the position, he had worked with Pizza Express as its CEO.
Easterbrook first joined McDonald’s while still in London in 1993. He immediately rose to the leading position in all the McDonald’s branches in Southern U.K. and 2006; he became the CEO of McDonald’s U.K. After that, Easterbrook became the president of McDonald’s northern Europe and holds control over 1,800 restaurant chains. In 2010, he became the president of McDonald’s Europe and oversees at least 7000 restaurant chains in 39 countries.
Easterbrook said that he is honored to lead the company and that he is committed to work with all the franchisees, suppliers and employees to bring back McDonald’s former glory.
McDonald’s serves about 69 million people all over the world with 36, 000 outlets.