McDonald's names Steve Easterbrook CEO, creates chief administrative officer role

The McDonald's board has announced that Don Thompson has retired as president, CEO and member of the board after almost 25 years with the company. The change became effective March 1, and the board has elected Steve Easterbrook (right) to replace Thompson in each capacity.

"Steve is a strong and experienced executive who successfully led our U.K. and European business units and the board is confident that he can effectively lead the company to improved financial and operational performance," said Andrew McKenna, non-executive chairman of the board of directors, in a statement.

Before the promotion, Easterbrook served as senior executive VP and chief brand officer, taking control of the fast food chain's initiatives to improve marketing, advance menu innovation and build out infrastructure for digital efforts.

The company also announced that Pete Bensen, senior executive VP and CFO, has been promoted to chief administrative officer. He reports to Easterbrook, overseeing several functions key to supporting operations.

Kevin Ozan, formerly senior VP and corporate controller, is assuming Bensen's previous role as executive VP and CFO. He will report to Bensen and take charge of managing the global financial organization as well as leading development and execution of the company's fiscal strategies. Those changes became effective March 1. Press release