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player ready...McDonald’s Corp. released additional details regarding its CEO transition in a filing with the Securities and Exchange Commission Monday. The Oak Brook-based company’s longtime CEO Jim Skinner is retiring at the end of June, and president and chief operating officer Don Thompson will assume the role.
As part of the promotion, Thompson receives a 26 percent increase in base pay, to $1.1 million. His annual bonus, capped at 150 percent of salary, could be as much as $1.65 million. He also can receive up to $8 million more as part of a cash bonus program.
Thompson will retain the title of president. In an interview last week, Skinner said that he and Thompson will choose the next chief operating officer in the coming months. As part of Skinner’s retirement, he will relinquish his seat on the company’s board.
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