McDonald’s CEO Steve Easterbrook fired over relationship with employee
The big cheese at McDonald’s has been ousted for having a relationship with an employee, the company announced Sunday.
Steve Easterbrook — who had been the fast-food giant’s chief executive officer since 2015 — “separated from the company” after its board of directors found that he “violated” McDonald’s policy, it said in a statement.
The burger chain’s board found that Easterbrook, 52, (inset) “demonstrated poor judgment involving a recent consensual relationship with an employee.”
Managers are forbidden from engaging in romantic relationships with employees under the company’s policy.
The board voted Friday to terminate Easterbrook after investigating his relationship with the unidentified staffer, The Wall Street Journal reported.
McD’s wouldn’t provide more details on the relationship.
In an e-mail to staffers Sunday, Easterbrook — who took home $15.9 million in pay last year — apologized and acknowledged the dalliance was a mistake.
“Given the values of the company, I agree with the board that it is time for me to move on,” he wrote.
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The British-born business executive joined the company in 1993 as a manager based in London.
He previously served as chief branding officer of McDonald’s and was its former head in the UK and northern Europe.
Easterbrook, who also sits on the board of Walmart, is divorced with three kids and lives in Illinois.
During his time as CEO, shares of the company nearly doubled in value.
Still, traffic to McDonald’s restaurants in the US has slowed, so he invested in renovating outposts with touch-screen kiosks and revamped menus, according to the Journal.
Details of his separation package are expected to be released Monday in a federal filing.
Chris Kempczinski, who was most recently president of McDonald’s USA, was named as its new president and CEO.
“Steve brought me into McDonald’s and he was a patient and helpful mentor,” Kempczinski, 51, said in a statement.
Enrique Hernandez Jr., chairman of the McDonald’s board of directors, called Kempczinski “the best leader to set the vision and drive the plans for the company’s continued success.
“Chris was instrumental in the development of the company’s strategic plan, which has enabled global growth and leadership, and has overseen the most comprehensive transformation of the US business in McDonald’s history,” Hernandez said.
Joe Erlinger, who had been president of “international operated markets” at McDonald’s, will take over Kempczinski’s gig.
The company’s share price closed at $194 on Friday, up 9.2% for the year.
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