McDonald's CEO resigns

By Benjy Lipsman in News on Nov 23, 2004 5:10PM

Only seven months after taking the helm as McDonald's CEO following Jim Cantalupo's death last April, Charlie Bell has resigned as CEO in order to deal with treatments for colon cancer. He will retain his seat on the Board of Directors, however. Bell, 44, has been with McDonald's since joining as a restaurant crew member in his native Australia at 15.

Bell is succeeded as CEO by Vice Chairman James Skinner, himself a 33 year veteran of the company. Additionally, Michael Roberts, chief executive of the U.S. business, was promoted to president and chief operating officer. The pair plan to continue with the plan laid out by Cantalupo and Bell that has resulted in a dramatic turn-around for the world's largest restaurant operator in recent years.

In yesterday's annoucement, McDonald's Chairman of the Board Andrew McKenna stated:

Together, Jim Skinner and Mike Roberts will provide the seasoned and innovative leadership McDonald's needs to continue our business momentum going forward.

In this effort, they will benefit from our unparalleled depth of management talent in all areas of the world, as well as an established McDonald's Plan to Win, which represents a strategic link to the business priorities established by Jim Cantalupo and Charlie Bell.

Wall St. seems to be comfortable with the succession plans, as the stock is up in today's trading.