McDonald's CEO Bell quits

Charlie Bell, president and chief executive officer, McDonald's Corp, has stepped down with immediate effect to battle cancer. The 44-year-old Bell has been fighting colorectal cancer for the past few months.

Jim Skinner, vice chairman of the fast food giant, has taken over as the new CEO. Andrew McKenna, chairman of the company, said in a statement that Bell has resigned to 'devote all his time and energy to his courageous battle against cancer.' McKenna dubbed Bell a 'remarkable leader.'

Mike Roberts, who is currently CEO of McDonald's USA, has been named president, chief operating officer and board member.

Bell took over as McDonald's CEO on April 19, 2004, when the then chairman and CEO Jim Cantalupo died of cardiac arrest.