McDonald’s Names New CEO

In a changing of the guard, McDonald’s Corp. on Thursday replaced its chief executive, as the world’s largest fast-food chain struggles to fend off domestic competition.

The company said domestic chief Jack M. Greenberg will replace Michael Quinlan as chief executive.

Quinlan, 53, only the third chief executive in McDonald’s history, will remain chairman of the Oak Brook, Ill.-based chain.

Greenberg said in an interview that he will emphasize service and innovation and work to leverage domestic and international strengths for overall company growth.

Greenberg, 55, came to McDonald’s as chief financial officer in 1982, serving in operational positions and taking over as chief executive of the domestic position in July 1997.

He has gained the respect of franchisees, investors and suppliers as the architect of aggressive plans to fight off domestic competition from Burger King, Wendy’s and hundreds of smaller burger businesses.

McDonald’s also said Thursday that Alan D. Feldman, a former Pizza Hut executive who has been with the company only four years, replaces Greenberg as domestic division president.

Wall Street cheered the management changes, pushing McDonald’s stock up $2.56 to close at $61.88 a share on the New York Stock Exchange.