Mcdonald’s boss sacked after fling with colleague walks away with £40m
British chief who turned burger giant’s fortunes around had ‘consensual’ relationship with junior
THE British chief executive of Mcdonald’s has walked away with up to £40million in pay and shares after being sacked for making a “mistake” over a relationship with a member of staff.
Steve Easterbrook, 52, was fired after a board meeting for breaching company rules over a consensual relationship with an unnamed junior colleague.
Mr Easterbrook’s brother-in-law was quoted describing him as a “naughty boy” while Mcdonald’s accused its boss of showing “poor judgment”.
Mr Easterbrook, a divorced fatherof-three, has been credited with turning around the fortunes of the fast-food chain after being appointed chief executive in 2015. Details of the relationship have not been made public. Yesterday, Mark Baxter, his brother-inlaw, who owns a farm in Hertfordshire and is married to Mr Easterbrook’s sister, reportedly told Mailonline: “Looks like Steve has been a naughty boy. We don’t know any other details. My wife keeps in contact but we have not seen him for a while.”
Mr Easterbrook, divorced his wife Susie, a part-time estate agent with whom he has three daughters, at about the time he moved to America, taking up the post of chief executive in 2015.
The family stayed in Gerrards Cross, Bucks, when he moved to the firm’s headquarters in Chicago, Illinois.
A former neighbour told The Daily Telegraph: “They separated several years ago because she didn’t want to move to the US, whereas he wanted to pursue his career.”
Mcdonald’s declined to say how much money Mr Easterbrook received as part of the severence package, but regulatory filings stated he was given six months’ pay and remains eligible for his annual bonus. Last year he was paid £12million in basic salary and bonuses. Bloomberg reported that he will receive about £500,000 – half his basic pay – but it is thought he retains shares and options worth £40million.
In an email to staff on Sunday, he wrote that “it’s time to move on” in the wake of the investigation into the “consensual” releationship.
Admitting an error in violating a company policy forbidding managers having romantic relationships with any subordinate, he wrote: “This was a mistake. Given the values of the company, I agree with the board that it is time for me to move on.”
The Wall Street Journal reported that David Fairhurst, who worked with Mr Easterbrook for Mcdonald’s in the UK and was promoted to the top human resources job soon after he became chief executive, had also left the company.