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Monday, June 27, 2022

Ex-McDonald’s Exec Hit With One of ‘Largest Clawbacks’ Ever



(Newser)

Steve Easterbrook just paid a hefty price for having sexual relationships with underlings while he was CEO at McDonald’s. The 54-year-old has returned $105 million in salary and stock to settle a misconduct case with the company, reports Bloomberg. It amounts to what the New York Times calls “one of the largest clawbacks in the history of corporate America.” Easterbrook’s trouble began in 2019, when it emerged he violated company policy by having a relationship with an employee. McDonald’s fired him but still gave him a generous severance because he swore he’d had no other improper relationships as CEO, notes the AP.


After a tipster came forward, a company investigation revealed that Easterbrook had physical relationships with at least three other women. He also gave one of the women company stock worth hundreds of thousands of dollars. The new deal means the company will drop its lawsuit against Easterbrook and avoid a trial scheduled for May. McDonald’s also won an apology, notes the Wall Street Journal. “During my tenure as CEO, I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” said Easterbrook. “I apologize to my former co-workers, the board, and the company’s franchisees and suppliers for doing so.” (Read more McDonald’s stories.)

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