McDonald's Corp. has tapped Steve Easterbrook as its new president and CEO to succeed Don Thompson, who has helmed the burger chain about two and a half years.
McDonald's is facing slumping sales in the U.S.
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Thompson will retire March 1 after nearly 25 years with the Oak Brook, Illinois-based company.
Easterbrook is McDonald's Senior Executive Vice President and Chief Brand Officer.
In after-hours trading, shares of the company jumped 2.5 percent to $91.05.