McDonald’s Reaches Agreement With Former CEO Easterbrook – Stock Rises
McDonald’s has ended litigation with former CEO Steve Easterbrook over his dismissal.
As the company announced, Easterbrook has agreed to repay compensation components with a current value of over 105 million US dollars. The agreement also includes an apology from the former CEO.
Easterbrook was forced to leave in November 2019 after admitting a friendly relationship with an unnamed employee. As a severance payment, he received shares and cash. Less than a year later, McDonald’s tried to get the money back through a lawsuit. The agreement now prevents the process that was supposed to start in May.
“McDonald’s and its board of directors care about doing the right thing and seeing customers and people first,” said Easterbrook. “During my time as CEO, I have sometimes failed to uphold McDonald’s values and meet certain responsibilities as the head of the company.”
McDonald’s stock gains 0.54 percent on the NYSE to $ 265.94.
Von Heather Haddon
NEW YORK (Dow Jones)
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