McDonald's CEO Jim Skinner to retire

McDonald's Corp Chief Executive Jim Skinner, who took the helm of the world's biggest hamburger chain after the abrupt departures of two CEOs, said on Wednesday he would retire after more than seven years in the top post. 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. Click here for Cloud Computing Also Read Related Stories News Now - We know how to draw a line between growth and greed: Rajiv Bajaj - When less is more - Deutsche Bank names Gunit Chadha co-CEO for Asia-Pacific - 'Freight corridor project is making no progress' - Reducing cost top on agenda for L&T's new CEO - L&T extends gains after succession plan 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. As one of the architects of McDonald's 2003 "Plan to Win" program, he revitalized and modernized the chain's restaurants and expanded its menu. Skinner 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. "My suspicion is that he thinks the company is in a really good spot ... and that with Don, the company is in good hands. He's done what he set out to do," said RBC Capital Markets analyst Larry Miller. "Jim's not going to hang around. That's his style," Miller said, referring to him as a no-nonsense CEO. Analysts said Thompson - who previously oversaw the United States and is credited with the company's widely successful domestic roll-outs of lattes, frappes and other beverages - should be up to the task. "Don Thompson has proven himself to be an excellent operator and a strong manager, which should help assuage investor concerns," Bernstein Research analyst Sara Senatore said. "Everything Don's done has been a home run," RBC Capital Markets' Miller said. "I don't see McDonald's missing a beat." Shares in the company barely budged in extended trading following the news, slipping 0.1% to $96.60.