McDonald’s CEO has been pushed out after it was revealed he allegedly violated company policy about managers having relationships with director or indirect subordinates.
- McDonald’s board voted to oust Steve Easterbrook after learning he engaged in a consensual relationship with an employee.
- Easterbrook acknowledged the relationship in an email memo he sent to staffers at McDonald’s corporate staffers.
- “Given the values of the company, I agree with the board that it is time for me to move on,” Easterbrook said in the email.
- Easterbrook will get six months severance pay as part of his exit deal. He has also agreed to release any claims in favor of the company and “to cooperate with the company following his termination.”
- Easterbrook made $15.88 million in 2018, but the value of his exit deal was not immediately available.
- McDonald’s also announced the exit deal includes a two year non compete that is six months longer and more comprehensive than what was in his original contract.
- Chris Kempczinski will take over as CEO of the company with a base salary of $1.25 million and a “target based” bonus of 170% of that base.