News of the appointment of McDonald's Chief Brand Officer Steve Easterbrook as CEO excited the stock market, boosting the fast food chain's shareprice by 3 percent in pre-market trading.

AP reports that shares of McDonald's started to climb on Wednesday evening and increased by $2.82 to $91.60 before the markets opened on Thursday morning.

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The upcoming 48-year-old CEO will replace current CEO Don Thompson by March 1. Easterbrook also takes over the board seat of Thompson who would be replaced because of poor results under his leadership. Thompson served as CEO for two and a half years.

Same-store sales and comparable store sales of McDonald's in the U.S. continuously declined under Thompson, causing its stock price to decline by 14.5 percent from its 2013 peak value and 3.4 percent in 2014.

In contrast, the fast food industry was growing by double digits. The last straw was its Q4 results as the largest fast food chain in the U.S. registered a 21 percent decrease in revenue and 3.6 percent decline in global and 4.1 percent in U.S. store traffic.

What McDonald's has to overcome under Easterbrook's leadership is the negative image of the hamburger chain, causing college students to eschew the store and opt for dining establishments like Chipotle and Panera, known for its high-quality offerings and comfortable dining atmosphere, even if prices are higher than McDonald's.

The 66-year-old company has recently been introducing innovations such as launching a new ad campaign with the message that the chain is concerned how customers view food quality, personalizing burgers or chicken sandwiches, and lesser items on the menu.

TagsMcdonalds, fast food, Steve Easterbrook