McDonald’s CEO Don Tompson has resigned as sales continue its downward spiral for more than a year.
Thompson is reportedly set to leave the company in March. Thompson quit as CEO and board member on March 1, the corporation said, and will be replaced by Steve Easterbrook, the chief brand officer who is responsible for fixing the fast-food operator’s marketing and menu.
Easterbrook previous positions at McDonald’s include president of McDonald’s Europe.
The reason for Thompson’s resignation lies in the fact that McDonald’s reported a fourth-quarter and full-year results that made 2014 the first with a decline in same-store sales in a dozen years. According to reports, it was also the fifth straight quarter of declining same-store sales in the United States, where it has lost many customers because of an overly complicated menu and changing tastes,
McDonald’s is also a victim of customer defections to fast-food restaurants like Chipotle Mexican Grill.