On Sunday, McDonald has announced the departure of its CEO, Steve Easterbrook, citing an ill-suited relationship with a worker. The restaurant chain’s board has governed that Easterbrook has breached company policy and revealed bad decisions in a mutual consent relationship with an employee. Reportedly, the executive has found engaged in a sexual relationship with a worker. As per the company’s statement, ex-president and CEO had shown senselessness in violating a company policy that prohibits managers from having love relationships with direct or indirect juniors.
Easterbrook has confessed to being in a relationship with an anonymous worker in an email to the workforce. Even more, the recently-divorced executive has three children. Easterbrook stated given the values of the company; he agrees with the board members that it is time for him to move ahead. On the other hand, the food giant’s members of the board had conducted an extensive review on Friday. After that, they have voted for Easterbrook’s departure. Macdonald has announced that it has removed Easterbrook from the company. Besides, the company has declared Chris Kempczinski as its current CEO and president.
According to a company representative, the company will release particulars of Easterbrook’s termination pay package today in a federal filing. The 52-year-old ex-CEO had a portion of the share price of McDonald’s. The value increased in 2017 at $21.8 million, along with $9.1 on account of incentive-based pay. In 2018, the executive gained around $15.9 million as overall remuneration charges. Easterbrook has accepted his engagement in a consensual relationship with a worker and has breached McDonald’s policy. Easterbrook has worked as McDonald’s CEO and president CEO for the past four years. Even more, he had worked with the restaurant-chain since 1993. The ousted executive noted the act as a mistake and said that his time as CEO had been the most achieving years of his working life.