McDonald's Corp said its chief executive Jim Skinner is retiring after more than seven years as the head of the fast-food giant.

Skinner has been widely credited with driving new growth at the ubiquitous restaurant chain, and its shares rose nearly three-fold while he was at the helm.

Chief Operating Officer Don Thompson, 48, will succeed Skinner, effective July 1, the company said in a statement.

Skinner, who has been CEO since November 2004, is also resigning from the board.

As one of the architects of McDonald's 2003 "Plan to Win"program, Skinner revitalized and modernized the chain's restaurants and increased menu offerings, which has helped drive nearly nine years of growing global sales.