Steve Easterbrook has been let go by McDonald’s as the company’s CEO and president.
McDonald’s said that he had engaged in a “consensual relationship” with an employee, which was against company policy, in a statement issued on Sunday (November 3).
Prior to resigning from the post he had held since 2015, Easterbrook also wrote an email to all of his workers in which he acknowledged that he had made a “mistake.”
Easterbrook led the Big Mac corporation through a challenging period. His net worth in 2019 was predicted to be $39.7 million due to earning substantial income up to his removal, which is now likely to have an impact.
The man’s work is definitely worth examining given that he was selected by Forbes as one of the Innovative Leaders of 2019.
Began Steve Easterbrook 1993: Employment at McDonald’s
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Stephen Easterbrook, who was born on August 6th, 1967 in England, attended St. Chad’s College at Durham University to study the natural sciences. He received his accounting training at Price Waterhouse following college.
In 1993, he began working for McDonald’s as a manager in London. He would later build a name for himself in the company’s Northern European division, rising to the position of chief executive of McDonald’s U.K. in 2006.
1,200 McDonald’s locations in the UK were underperforming at the time. However, he was able to reverse McDonald’s plummeting sales with an aggressive PR strategy and a makeover of the brand’s appearance.
After leaving McDonald’s in 2011, Easterbrook became the leader of the U.K.-based casual dining brands PizzaExpress and Wagamama.
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2013 saw the Appointment of Easterbrook as McDonald’s CEO
In 2013, investors were dissatisfied with the management as McDonald’s had a sales decline in the U.S. compared to its many rivals. Don Thompson, who was the CEO at the time, admitted fault for the subpar performance and resigned.
Easterbrook had returned to the Ronald McDonald empire after spending a few years away as the chief brand officer at the Illinois headquarters.
After Thompson left, he was appointed McDonald’s new CEO and president, and Thompson accepted a $3 million consulting contract.
Easterbrook’s pay reportedly jumped by 69.9% in 2015 as the new CEO. According to reports, he earned an estimated $7.91 million that year.
Easterbrook’s income reportedly quadrupled to a staggering $15.4 million in 2016, during a period when McDonald’s workers were battling for pay raises. He was one of the highest-paid CEOs in the world thanks to his pay.
He provided McDonald’s with a technology upgrade, thus it would appear that his remuneration was appropriate. Nevertheless, he was brought up in the discussion about executive pay versus minimum wage workers’ salaries.
Employees at McDonald’s were even more outraged when his pay was increased the next year to more than $21.7 million.
Easterbrook was let go for Breaking Corporate Rules
The first wife of the father of three is said to have filed for divorce from him. The couple’s breakup is likewise mostly unknown. Later, he developed a romantic involvement with a McDonald’s Corp. worker.
On November 3, McDonald’s issued a statement stating that Easterbrook had engaged in a “recent consensual relationship with an employee,” which was against company policy. He was asked to resign as CEO and president of the McFamily after the board found that he had “demonstrated poor judgment.”
In an email to staff, Easterbrook explained his decision to leave the company: “As for my leaving, I recently engaged in a consensual relationship with an employee, which violated McDonald’s policy.”
“I made a mistake here. I concur with the board that it is time for me to leave given the company’s values. Beyond this, I sincerely hope you will respect my decision to keep my privacy private.
He held more than 74,000 McD Corp. stock units valued at $1.4 million. The CEO position will be filled by McDonald’s USA President Chris Kempczinski.
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