McDonald’s announced Thursday that chief operating officer Don Thomspon will take over as CEO of the company after Jim Skinner retires later this year.

The move is iconic considering that Thompson will become the first black CEO in the company’s history.

The 48-year-old who became the company’s president and operating chief in January 2010, will begin his new position in July.

Thompson was previously named Corporate Officer of the Year by Black Enterprise in 2007.