McDonald's names its chief brand officer Steve Easterbrook as CEO to succeed Don Thompson

MarketsAssociated Press

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.