McDonald’s Corporation announced Wednesday that Vice Chairman and Chief Executive Officer Jim Skinner will retire this summer and be succeeded by Don Thompson, the company’s current president and chief operating officer.

Skinner, 67, has worked for McDonald’s, based in Oak Brook, Illinois, for 41 years and has served as CEO since 2004.  He will step down on June 30 and Thompson, 41, will begin his new role as CEO on July 1.  Thompson became president and COO of McDonald’s in January 2010.  Previously, he served as president of McDonald’s USA from 2006 until 2010.  He also serves on McDonald’s board of directors.

“Don Thompson is well prepared for the CEO role, Skinner said.  “Under his leadership, our company will continue to meet the needs of our 68 million customers around the world every day.  With Don at the helm, I am extremely confident in the future of McDonald’s.”