Watch out, folks: Ronald McDonald is getting a whole new makeover and plans to take over Twitter.

The McDonalds corporation issued a press release saying that their red-haired mascot will play an active role on social media and will tweet from the McDonald's Twitter handle using the hashtag, #RonaldMcDonald.

"Selfies ... here I come! It's a big world and now, wherever I go and whatever I do ... I'm ready to show how fun can make great things happen," Ronald McDonald said the official release.

In addition to the press release, McDonald's set out a tweet on Thursday with a behind the scenes video link of their Youtube video showing off Ronald's new transformation.

"Ronald McDonald has been very busy lately, check out his new look!" the fast food corporation tweeted.

To check out the video click here.

So what does the new Ronald McDonald look like now?

Well, updated Ronald dumped his outdated yellow jumpsuit for a red and white striped rugby, a red and yellow fitted blazer, mustard-colored cargo pants and a dazzling red bowtie. Ronald also looks like he's been using some gel and a good brush with his signature red quaff now appearing to look more slicked back and tamer than it was before.

And as for the red clown shoes? Don't worry, he's still sporting his classic footwear.

The Daily News reports that the giant clown's threads were designed by Ann Hould-Ward, a Broadway costume designer who won a Tony award for "Beauty and the Beast."

Impressive.

So why the new look?

Reports are claiming that due to the company's recent tanking in sales in the first quarter, McDonald's was in need of a change.

Not to mention, McDonald's is currently in the midst of a fast-food battle with Taco Bell who used the famous Ronald McDonald name to poke fun at the McDonald's corporation. With their new "Ronald McDonald" themed commercials and updated menus, Taco Bell is reportedly giving McDonald's a run for its money in the fast-food competition.

Check out the controversial Taco Bell ad here.

According to the LA Times, later in 2014, McDonald's will send its spruced-up clown onto the tube in its own advertisements in the U.S. Within the next few years, new and remodeled restaurants will be able to incorporate the character into in-store graphics, furniture and décor.

What do you think of Ronald McDonald's new look? Yay or Nay? Share your comments with us below.