Exiting the Golden Arches

Jack Greenberg, chairman and ceo of McDonald's Corp. (Oakbrook, Ill.), has announced his plans to retire, effective the end of the year. He will be replaced by Jim Cantalupo, formerly vice chairman and ceo of the company's international unit.

Greenberg, 60, is a 21-year veteran of the fast-food company. He has served as ceo since 1998.

“In every company's history,” Greenberg says, “there is a time when it is appropriate to pass the baton and give a new management team the opportunity to lead, and that time has come at McDonald's.”

Cantalupo, 59, rejoins McDonald's after retiring earlier this year. His previous tenure with the company spanned 28 years.

McDonald's operates about 30,000 restaurants worldwide.