McDonald's CEO Resigns

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After 41 years with the company, Jim Skinner is stepping down

Jim Skinner

Just two weeks after the AP reported a slashing of the McDonald's CEO paycheck, the CEO, Jim Skinner, has announced that he is retiring at the end of June.

Skinner has been CEO since 2004, helming the "Plan to Win," framework of "being better, not just bigger." The 67-year-old's 2010 salary of $9.7 million was cut to $8.8 million this year, due to a lower performance-based cash bonus.

McDonald's current president and chief operating officer, Don Thompson, will succeed Skinner in July.