Dillon, who is currently president of Quaker Foods, will join McDonald's' head office in Chicago in October.
Her hiring marks the end of Light's three-year tenure at McDonald's, which coincided with a rising tide of public concern over health and nutrition that affected McDonald's' core business.
Light will work alongside Dillon until the end of the year and will continue to act as a consultant to McDonald's after his retirement.
McDonald's said Dillon would lead its active lifestyles initiative, created by Light. The scheme, which uses the strapline 'It's what I eat and what I do ... I'm lovin' it', promotes the importance of eating well and staying active.
Dillon will report to McDonald's president and chief operating officer Mike Roberts.
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