McDonald's CEO to retire in July

PanARMENIAN.Net - McDonald's Corp Chief Executive Jim Skinner, who took the top post at the world's biggest hamburger chain following the abrupt departures of two CEOs, is retiring after more than seven years as a stabilizing force at the helm.

In what analysts expected to be a smooth transition, Chief Operating Officer Don Thompson, 48, will succeed Skinner, effective July 1, becoming one of the most prominent African-American CEOs in the United States.

Skinner, 67, has led McDonald's since November 2004 and is widely credited with executing the turn-around of the ubiquitous fast-food chain, whose shares more than tripled while he was CEO. He also will resign from the board of McDonald's.

The company did not give a reason for Skinner's departure, but analysts said the move, while not entirely a surprise, came earlier than expected, Reuters reported.