Fenton's upcoming retirement leads to promotion of two senior vice presidents.

Tim Fenton will retire as chief operating officer for McDonald's Corp., effective October 1, 2014. As a result of this transition, McDonald's made several structural changes to its reporting structure.

McDonald's area of the world presidents, responsible for the operations of the burger giant's 35,000 restaurants worldwide, will now report directly to Don Thompson, the company's president and chief executive officer.

In addition, McDonald's will not replace the COO role, but will instead broaden the responsibilities for two senior leaders. Pete Bensen, executive vice president and chief financial officer, will assume oversight for McDonald's worldwide supply chain, development and franchising functions. Steve Easterbrook, executive vice president and global chief brand officer, will assume oversight for the Restaurant Solutions Group, corporate strategy; and the Global CSR, Sustainability and Philanthropy department. Both Bensen and Easterbrook will hold senior vice president roles in the company.

Fenton will continue to serve as COO during a brief transition period, and thereafter, as a special advisor to Thompson focused on global franchising, restaurant portfolio optimization and other strategic business initiatives.