In spite of the abrupt transition of CEOs, McDonald's, the fast food giant, has continued to be a darling of the Wall Street. In quick succession, three CEOs have changed since 2002, when the turnaround plan was set rolling. Nevertheless, the latest incumbent, Jim Skinner inherits the company in a much better shape than did his predecessors.

Unexpected incidents like the sudden demise of a CEO, amidst a turnaround, can put any company's performance at risk and its future in uncertainty. But that was not so, in the case of the `Big Mac' as McDonald's is popularly called. The 49-year old fast food giant, which owns 31,129 restaurants in 119 countries and serves 47 million customers each day has managed to sustain itself amid unexpected changes in the top management. While, Jack M Greenberg (1998-2002), was forcefully ousted due to declining sales, Jim R Cantalupo (2002-2004), called out of retirement to put the company back in black, died of a heart attack within a short span of 16 months at the helm. His successor, Charlie Bell had an even shorter spell, of just seven months from April to November 2004. Diagnosed with Colon cancer, he had to resign passing on the mantle to Jim Skinner, who took over as the new CEO on November 22, 2004. Through the abrupt transitions, McDonald's maintained its strategic focus and achieved a strong turnaround as Cantalupo had planned it.

Greenberg served an `Unhappy Meal' to the investors of McDonald's. Under his reign, the color of the `Golden Arches' began to fade away. Greenberg, a former Arthur Young accountant who joined McDonald's in 1982, ascended to the post of the CEO in August 1998 after heading McDonald's US operations. He was respected for his hands on style an ear towards the concerns of operators. He initiated a new strategic plan called, "Made For You", in 1998. The made-to-order system was intended to provide customized services, but slowed down the service rate, making customers wait longer to be served. This made customers uneasy and dissatisfied with the service.

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