Former McDonald's CEO Ordered To Repay Company, $105 Million in Compensation.
Steve Easterbrook was forced to leave his position as CEO of McDonald's in 2019... ... after it was discovered he'd had a consensual but inappropriate relationship with one of his subordinates.
He was not fired "for cause" though, because the board hoped to avoid an expensive court battle.
An executive that is fired "for cause" indicates some form of dishonesty has occurred in relation to their position.
It was subsequently revealed that Easterbrook had a sexual relationship with an additional subordinate.
And had gifted one of the women McDonald's shares equating to hundreds of thousands of dollars.
McDonald's sued Easterbrook which has resulted in the repayment.
Easterbrook also issued an apology to company employees.
During my tenure as CEO, I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company, Steve Easterbrook, Former McDonald's CEO, via 'The New York Times'.
I apologize to my former co-workers, the board, and the company’s franchisees and suppliers for doing so, Steve Easterbrook, Former McDonald's CEO, via 'The New York Times'.
McDonald's Chairman Enrique Hernandez Jr. released a statement regarding the payback that seemed to urge the company to move forward.
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While Steve’s misconduct need not be forgiven by any member of this community, .., Enrique Hernandez Jr., McDonald’s Chairman, via 'The New York Times'.
... he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made.
, Enrique Hernandez Jr., McDonald’s Chairman, via 'The New York Times'.
Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past, Enrique Hernandez Jr., McDonald’s Chairman, via 'The New York Times'
