Sacked McDonald’s CEO Pays Back Millions

Sacked for sexual misconduct, Steve Easterbrook, the disgraced former McDonald’s president and CEO has paid back more than US$105 million to the burger business.

In a settlement with McDonald’s, Easterbrook has returned equity awards and cash which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause. Easterbrook has also apologised for his behaviour.

“During my tenure as CEO, I failed at times to uphold McDonald’s values and fulfil certain of my responsibilities as a leader of the company. I apologise to my former co-workers, the Board, and the company’s franchisees and suppliers for doing so,” Easterbrook said in a statement released by McDonald’s.

McDonald’s is to dismiss its action against him with prejudice.

“This settlement holds Steve Easterbrook accountable for his clear misconduct, including the way in which he exploited his position as CEO. The resolution avoids a protracted court process and allows us to move forward. It also affirms the board’s initial judgment to pursue this case,” noted Enrique Hernandez, Jr., chairman of the board of directors of McDonald’s Corporation.

In the statement the fast-food giant confirmed it is focused on ensuring its values are enshrined in the workplace.

McDonald’s will continue to promote safe and respectful workplaces, it said. In April 2021 the multinational business introduced its Global Brand Standards for safe, respectful, and inclusive workplaces. All 39,000 McDonald’s restaurants are required to adhere to the standards.