It’s been a well-known fact, the largest fast food restaurant in the world has struggled to maintain profitability. Customers simply aren’t buying shakes and burgers from Mcdonalds like they once used to. CEO Don Thompson, has had a difficult time turning things around for the iconic company, with disappointing earnings reports. And after 25 years of being with at McDonalds, Thompson has decided to step down come March 1st, to be replaced by Chief Brand Officer Steve Easterbrook.
McDonalds has seen its share drop significantly over the past three years, and is under pressure with increased competition from other restaurants such as the Five Guys Burgers and Fries, Chipotle Mexican Grill and others. Easterbrook has experience running other chains such as UK-based PizzaExpress and Wagamama Ltd.
Don Thompson stated in a press release the following:
It’s tough to say goodbye to the McFamily, but there is a time and season for everything. I am truly confident as I pass the reins over to Steve, that he will continue to move our business and brand forward
With over 36,000 location world-wide Steve Easterbrook will have his work cut out for him, to turn things around at the company. McDonalds has put its efforts as of late, on short commercials to dispel myths about the quality of foods being served, with video testimonials from their many suppliers around the world.