Shares of McDonald's (MCD) are in focus this morning after the company announced that its high-growth markets head was abruptly resigning, the latest company executive to step down as the company seeks to transform itself.

EXECUTIVE RESIGNATION: McDonald's said in a regulatory filing on Wednesday afternoon that David Hoffmann, the president of high-growth markets, was resigning. Prior to his July 2015 appointment to run the unit, Hoffmann ran the company's Asia-Pacific, Middle East and Africa business and had been with McDonald's for over 20 years. In the regulatory filing, McDonald's said Hoffmann resigned on Friday and that he had not signed a non-compete agreement, and would forfeit certain benefits including unvested cash and equity incentive awards. Hoffmann will move to rival Dunkin' Brands (DNKN), where he will begin his role as president of Dunkin' Donuts U.S. and Canada on October 3 and report to Dunkin' Brands Chief Executive Officer Nigel Travis. At McDonald, Hoffmann will be succeeded by Joseph Erlinger, the current chief financial officer of the high-growth markets unit.

WHAT'S NOTABLE: Hoffmann's departure is the latest in a string of executive changes at McDonald's amid a transformation by CEO Steve Easterbrook into a "progressive burger company." The company's Chief Administrative Officer Pete Bensen announced his retirement in August, followed by U.S. President Mike Andres, who is stepping down on January 1, 2017. McDonald's last month also said president of International Lead Markets Doug Goare would take on the role of Chief Restaurant Officer and that Lucy Brady was named senior vice president of Corporate Strategy and Business Development. Despite a challenging environment in several key markets, CEO Easterbrook said in July that customers "are responding" to the company's transformation, which includes an expansion of the company's all-day breakfast offerings. Though the company reported higher than expected earnings per share for the second quarter, its U.S. same-store sales rose just 1.8%, below analysts' expectations.

ANALYST'S RECENT CHANNEL CHECKS: Credit Suisse analyst Jason West said last week that McDonald's U.S. franchise same-store sales checks were "sluggish" in both July and August and are probably running in the 1%-2% range. West expects fourth quarter SSS to be flat to slightly down.

PRICE ACTION: In pre-market trading, McDonald's is up 0.3%, while Dunkin' Brands is up 0.6%.