McDonald’s President & Chief Operating officer Ralph Alvarez retiring Dec. 31 due to health

McDonald’s president, COO retiring Dec. 31

OAK BROOK, Ill. — McDonald’s Corp. said Tuesday that Ralph Alvarez will retire as president and chief operating officer at the end of the year for health-related reasons.

Alvarez, 55, has been with McDonald’s for 15 years. He said in a statement that seven orthopedic surgeries and years of chronic pain, leading to two knee replacements in the past six months, “have made me realize it’s time to move on.”

Alvarez also is resigning as a director. He previously served as president of McDonald’s North America, McDonald’s USA and McDonald’s Mexico.

The company said its Area of the World executive leadership team, which is responsible for 32,000 McDonald’s restaurants worldwide, will now report to CEO Jim Skinner. The company did not disclose any plans to seek a replacement for Alvarez’s posts.

Shares rose 29 cents to close earlier at $63.54.