Ousted McDonald’s CEO To Keep $50m In Stocks As Part Of Hefty Severance

Ousted McDonald’s CEO To Keep $50m In Stocks As Part Of Hefty Severance
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After being sensationally sacked over a consensual relationship with an employee, former McDonald’s CEO Steve Easterbrook (feature image) has received some better news.

It has been revealed by Bloomberg that the now unemployed exec will keep around $US37m ($53.7m) in stocks plus half a year’s salary as severance pay, believed to be around $US675,000 ($980,000).

Easterbrook is also still eligible for a pro-rated bonus for his work in FY2019.

McDonald’s announced Easterbrook’s departure from the company on Sunday, after the Board determined the 52-year-old had exercised “poor judgement” in having the relationship.

In an email to employees, Easterbrook conceded the relationship was a “mistake”.

“As for my departure, I engaged in a recent consensual relationship with an employee, which violated McDonald’s policy,” he wrote.

“This was a mistake. Given the values of the company, I agree with the board that it is time for me to move on. Beyond this, I hope you can respect my desire to maintain my privacy.”

Easterbrook has been replaced by former McDonald’s USA president Chris Kempczinski, who will be given a $US1.25 million salary and annual target bonus of $US2.13 million.

 

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