nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html
Former McDonald's C.E.O. Repays Company $105 million in cash and stock. Steve Easterbrook was ousted for having an inappropriate relationship with a subordinate. It is one of the largest ever clawbacks of executive compensation. The settlement is expected to be completed by the end of February.

Mr. Easterbrook has been engaged in a contentious battle with McDonald's for the past year. The company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against him.

Mr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy. At the time, the McDonald’s board determined that he had “demonstrated poor judgment,” but decided not to fire him “for cause”

Mr. Easterbrook walked away with $40 million in compensation. But his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause. That clause became relevant in 2020, when a McDonald's employee said that Mr Easterbrook had a sexual relationship with another subordinate.
Posted by
cryptomatic
Tap to Copy the Short Url to This Post:
bto.sh/m738y3mu 
One-Stop Business News backed by Mark Cuban. Free to Use →