McDonald’s CEO Don Thompson is out.
In a statement Wednesday night, McDonald’s announced that Thompson would retire on March 1 after 25 years with the company, including the last two-plus years as CEO.
During Thompson’s tenure, same-store sales have been on a steady decline as the fast-food chain tries to keep pace with the changing pace of American consumers.
In its most recent quarter, McDonald’s reported global same-store sales that were down 0.9% while US same-store sales fell by 1.7%. And for almost the entirety of Thompson’s tenure, performance at McDonald’s restaurants was on the decline.
Thompson said in that earnings announcement that the company “continues to face meaningful headwinds,” and added that same-stores sales are also expected to be negative in January and “remain pressured” in the first half of this year.
In the past two years, shares of McDonald’s are roughly unchanged, and in after-hours trade on Wednesday the stock was up more than 2.5%.
Investors were ready for changes at McDonald’s. This chart shows why:
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