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MCDONALD'S CEO STEPS DOWN TO FOCUS ON CANCER THERAPY

McDonald's Corp. CEO Charlie Bell, who was diagnosed with colorectal cancer in May, resigned Monday to focus on his battle with the disease, forcing the company to make a sudden leadership switch for the second time in seven months.

The fast food giant named vice chairman Jim Skinner as its new CEO, and the board elected Mike Roberts, CEO of McDonald's USA, to the position of president and chief operating officer.

Bell, 44, was diagnosed with cancer soon after succeeding Jim Cantalupo in April, when Cantalupo died of an apparent heart attack. Bell has missed significant time at work because of the cancer and earlier this month skipped a gathering of worldwide McDonald's managers in his native Sydney, Australia.

Bell rose through the ranks at McDonald's, starting at a Sydney restaurant when he was 15 in 1975, becoming the youngest store manager in Australia by the age of 19.