On Thursday, restaurateur Sonic (NASDAQ:SONC) announced that its president, Scott McLain, a 17-year veteran of the company, intends to resign effective March 31. McLain will serve in a "transition role" for a further three months and depart finally at the end of June.

Sonic also noted that Chairman and Chief Executive Officer Cliff Hudson will be taking over McLain's job title of president as well, as soon as the resignation becomes effective.

Shares of Sonic closed down 0.9% Thursday ahead of the announcement, at $11.38.