In this file:

 

·         McDonald’s outlines fired CEO Steve Easterbrook’s severance of at least $675K

Agreement also adds more restrictive non-compete provisions

 

·         Fired McDonald's CEO gets to keep $37 million of stock awards plus hundreds of thousands in severance

 

·         McDonald’s chief people officer David Fairhurst exits

The exec’s departure follows firing of CEO, and recent departure of global CMO

 

·         McDonald’s chief people officer is leaving the company in the wake of its CEO’s departure

·         McDonald’s ousted CEO Steve Easterbrook steps down from Walmart board

 

 

 

McDonald’s outlines fired CEO Steve Easterbrook’s severance of at least $675K

Agreement also adds more restrictive non-compete provisions

 

Ron Ruggless, Nation's Restaurant News 

Nov 04, 2019

 

McDonald’s Corp. on Monday outlined its separation agreement with ousted CEO Steve Easterbrook in federal filings, and it included planned severance pay of at least $675,000 and a more restrictive non-compete clauses than his existing employment contract.

 

“The separation agreement contains a two-year post-termination noncompetition covenant, which is six months longer and more expansive in scope than Mr. Easterbrook’s existing noncompetition covenants,” the company said in its Securities and Exchange Commission filing.

 

McDonald’s fired Easterbrook for violating policy and demonstrating “poor judgment involving a recent consensual relationship with an employee.”

 

In the agreement dated Thursday, Oct. 31, Easterbrook was awarded 26 weeks of severance pay, to be paid within six months. The severance plan, outlined in proxy filings in March, called for Easterbrook to receive $675,000 in salary continuation, $2.855 in benefit continuation and $24,400 in sabbatical and transition assistance.

 

Easterbrook’s total compensation in 2018 was $15.9 million in 2018 and $21.8 million in 2017.

 

The company enumerated a wide number of competitive companies covered in the non-compete provisions of the severance agreement, saying it covered “any company in the restaurant industry (whether informal eating-out or ready-to-eat) that competes with the business of McDonald’s, including any business in which McDonald’s engaged during the term of your employment and any business that McDonald’s was actively considering conducting as of your termination date.

 

Examples, the company said, include “but are not limited to:

 

more

https://www.nrn.com/quick-service/mcdonald-s-outlines-fired-ceo-steve-easterbrook-s-severance-least-675k

 

 

Fired McDonald's CEO gets to keep $37 million of stock awards plus hundreds of thousands in severance

Not all CEOs who lose their jobs under similar circumstances fare so well

 

Anders Melin, Bloomberg News        

via Financial Post - November 4, 2019

 

Former McDonald’s Corp. Chief Executive Officer Stephen Easterbrook, who was fired for having a relationship with an employee, was allowed to keep stock awards worth more than $37 million as well as $675,000 severance and health insurance benefits.

 

Easterbrook, 52, will get to keep unvested stock options worth about US$23.5 million and possibly benefit from grants of restricted shares tied to the company’s performance that are worth roughly US$13.8 million at their target payouts, according to calculations by Bloomberg. He’s also eligible for a pro-rated bonus for his work in fiscal 2019.

 

McDonald’s board voted Friday to oust Easterbrook after investigating the relationship, which was consensual but violated company policy. The termination was categorized as “without cause,” the Chicago-based firm said Monday, signalling that the transgression wasn’t severe enough to bar him from receiving exit payments. His health insurance benefits will continue for 18 months...

 

more

https://business.financialpost.com/personal-finance/high-net-worth/fired-mcdonalds-ceo-gets-to-keep-37-million-of-stock-awards-plus-hundreds-of-thousands-in-severance

 

 

McDonald’s chief people officer David Fairhurst exits

The exec’s departure follows firing of CEO, and recent departure of global CMO

 

Nancy Luna, Nation's Restaurant News 

Nov 04, 2019

 

Following the firing of CEO Steve Easterbrook, McDonald’s Corp. confirmed the Monday exit of global chief people officer David Fairhurst. He’s the third top executive to leave the company since mid-summer.

 

A company representative declined to comment any further on the reason for Fairhurst’s departure, which comes three days after the board dismissed Easterbrook for violating company policy be engaging in a “recent consensual relationship with an employee.”

 

McDonald’s has seen three top leaders leave the company in recent weeks. Besides Easterbrook and Fairhurst, Silvia Lagnado, global chief marketing officer, also left the Chicago-based company.

 

In July, the company said she would leave McDonald’s in October. At the time, Easterbrook did not provide a reason for her departure...

 

more

https://www.nrn.com/quick-service/mcdonald-s-chief-people-officer-david-fairhurst-exits

 

 

McDonald’s chief people officer is leaving the company in the wake of its CEO’s departure

 

·         McDonald’s confirmed Monday that its Chief People Officer David Fairhurst has departed the company.

·         The company’s board fired CEO Steve Easterbrook for violating company policy by having a relationship with an employee.

 

Amelia Lucas & Kate Rogers, CNBC

Nov 4, 2019

           

McDonald’s confirmed Monday that its Chief People Officer David Fairhurst has departed the company, effective immediately.

 

Fairhurst’s departure follows the company’s announcement Sunday evening that the board fired CEO Steve Easterbrook for violating company policy by having a relationship with an employee. Nonfraternization policies typically do not allow relationships between managers and employees who directly or indirectly report to them.

 

McDonald’s declined to comment further, citing company policy to not comment on personnel matters or disclose the specifics of company policy.

 

Fairhurst was with the company since 2005, but has only headed up its global human resources department since 2015. Prior to that role, he was McDonald’s chief people officer for its European business. His departure comes as McDonald’s restaurant-level workers are trying to unionize and asking for higher wages and better protection against sexual harassment.

 

Other recent executive departures include...

 

more, including links

https://www.cnbc.com/2019/11/04/mcdonalds-chief-people-officer-is-leaving-the-company-in-the-wake-of-its-ceos-departure.html

 

 

McDonald’s ousted CEO Steve Easterbrook steps down from Walmart board

 

·         Former McDonald’s CEO Steve Easterbrook resigns from the board of Walmart, effective immediately, according to a Securities and Exchange Commission filing.

·         Easterbrook’s decision to resign was not due to any disagreement with Walmart, the filing says.

·         McDonald’s board ousted Easterbrook on Friday after he violated company policy by having a consensual relationship with an employee.

 

Amelia Lucas, CNBC

Nov 5, 2019   

           

Ousted McDonald’s CEO Steve Easterbrook has resigned from the board of Walmart, effective immediately, according to a Securities and Exchange Commission filing on Tuesday.    

 

Easterbrook’s decision to resign was not due to any disagreement with Walmart, the retailer said in the filing. He had been on Walmart’s board since 2018 and served on committees related to compensation, management development, strategic planning and finance.

 

His resignation from Walmart’s board on Monday came as McDonald’s said it was barring Easterbrook from working for one of its competitors for the next two years as part of his separation agreement. Those companies include Chick-fil-A, Yum Brands, Coca-Cola’s Costa, and convenience store chains Wawa and 7-Eleven.

 

McDonald’s board voted to oust Easterbrook on Friday, accusing him of violating company policy by having a consensual relationship with an employee...

 

more

https://www.cnbc.com/2019/11/05/steve-easterbrook-mcdonalds-former-ceo-steps-down-from-walmart-board.html