McDonald’s fired CEO Steve Easterbrook after having a relationship with employees.
The American fast-food giant said the relationship was friendly, but Easterbrook “violated corporate policy” and used “bad judgment.”
The British businessman, who made nearly $ 16 million last year, is 26 weeks old.
The full value of the offer was unclear. You are also entitled to a bonus if the company achieves its performance objectives.
Bloomberg estimates that he will receive more than $ 37 million, most of which will include previously assigned shares.
In return, Mr. Easterbrook agreed not to work for
In an email to the team, Easterbrook confirmed the relationship and said it was a mistake.
It was time to move forward, and rightly so.
The company’s best human resources manager also left the company, McDonald’s said.
Divorced Easterbrook, 52, worked as a manager in London for McDonald’s in 1993 before joining the company.
He left the company in 2011 to become the director of Pizza Express and then the Asian food chain Wagamama before returning to McDonald’s in 2013, and eventually became its manager in the UK and Northern Europe. He was named CEO of McDonald’s in 2015.
It is generally accepted that Mr. Easterbrook revitalized the company’s menus and restaurants, renovated stores, and used better ingredients. The value of his shares more than doubled during his tenure in the United States.
Under his leadership, McDonald’s has also expanded its mobile payment and delivery options to emphasize convenience.
The fast-food giant’s board voted Friday after considering leaving Watford-born Easterbrook. He also resigned as president and member of the McDonald’s Board of Directors.
McDonald’s said conflict of interest rules have been around for a long time.
He declined to provide more information about the person with whom Easterbrook was related, including whether the person was a direct rapporteur or was still an employee of the company.
Slater and Gordon labor attorney Ruby Dinsmore said it is now common for companies to permanently ban relationships or have notification clauses that require people to disclose them.
Conflicts of interest or potential litigation if an acid relationship would pose a real risk to companies, he told the BBC.
“Some people may think that the policies are violated.”But companies are also in a big dilemma of protecting their own values and interests.
In this competitive world, it is not about planning, but it is all about executing the same at all levels.
The company was criticized for paying store workers, and Easterbrook was rewarded with his $ 15.9 million salaries in 2018, which included a base salary and benefits of $ 1.3 million. checked the titles.
This is 2,124 times the average employee salary of $ 7,473.
He will be replaced with immediate effect by Chris Kempczinski, most recently President of McDonald’s in the United States.
In a statement, Kempczinski thanked Easterbrook for his contributions, adding: “Steve brought me to McDonald’s and was a patient and helpful mentor.”
Brian Krzanich, CEO of Intel, resigned last year due to a friendly relationship with an Intel employee who violated company rules.
He has held this position since May 2013.