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Sonic's president resigning this spring

OKLAHOMA CITY (AP) -- Sonic Corp. said Thursday that its president, Scott McLain, will resign from his position at the end of March.

The company's Chairman and CEO, Cliff Hudson, will assume the title of president. McLain's duties will be divvied up among current and prospective members of management.

Sonic said McLain will continue to serve through the end of June to aid in the transition. He joined the drive-in restaurant chain in 1996 and has served as president since 2004.

"Scott has made numerous and substantial contributions to Sonic, and we would like to thank him for his work and commitment to the brand," Hudson said in a statement.

The restaurant chain, headquartered in Oklahoma City, has more than 3,500 drive-ins across the country.

Its stock slipped 10 cents to close at $11.38 Thursday.