Money: Second McDonald's executive out after CEO fired - - PressFrom - Canada
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Money Second McDonald's executive out after CEO fired

02:26  05 november  2019
02:26  05 november  2019 Source:   msn.com

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McDonald ’ s has lost another top executive . The Chicago-based burger giant confirmed Monday that Chief People Officer David Fairhurst has left the company, effective immediately. McDonald ’ s wouldn’t say whether Fairhurst’s departure was connected to the firing of CEO Steve Easterbrook.

CHICAGO (AP) — McDonald ' s ousted CEO Steve Easterbrook will receive 26 weeks of pay but forfeit millions in unvested stock options as part of his severance agreement. McDonald ' s wouldn't say whether Fairhurst's departure was connected to the firing of CEO Steve Easterbrook.

McDonald's lost its top human resources executive Monday, days after the company's CEO was fired for having a relationship with an employee.

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McDonald ’ s CEO fired for consensual relationship with employee, company says. McDonald ’ s fired chief executive Steve Easterbrook after the fast-food giant’s board of directors found that he “demonstrated poor judgment” in a consensual relationship with an employee, the company

McDonald ' s announced Monday that its chief people officer , David Fairhurst, has "departed," Bloomberg reported. Second executive reportedly exits McDonald ' s after its CEO is fired following a relationship with an employee.

The Chicago-based burger giant said the departure of Chief People Officer David Fairhurst was unrelated to the exit of President and CEO Steve Easterbrook. The British businessmen are close friends; Fairhurst was promoted to his position in 2015 after Easterbrook became CEO.

"I have decided the time has come for me to move on to my next career challenge," Fairhurst said in a statement posted on his LinkedIn page.

McDonald's announced Sunday that Easterbrook was fired for violating company policy by having a consensual relationship with an employee.

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NEW YORK (AP) — McDonald ' s chief executive officer has been pushed out of the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said Sunday. The fast food giant said former president and CEO Steve Easterbrook demonstrated

Second McDonald ' s Executive Leaves Fast-Food Chain, One Day After CEO 's Firing . Analysts said Monday that Kempczinski — who joined McDonald ’ s from Kraft in 2015 — will likely follow the path laid out by Easterbrook, including redesigning U.S. stores to make them more digitally savvy and

In an email to employees, Easterbrook — who is divorced — acknowledged the relationship and said it was a mistake.

"Given the values of the company, I agree with the board that it is time for me to move on," Easterbrook said in the email.

McDonald's would not provide details about the employee with whom Easterbrook was involved. An attorney for Easterbrook declined to answer questions.

In a filing with the U.S. Securities and Exchange Commission, McDonald's said Easterbrook will receive six months' pay but forfeit millions in unvested stock options as part of his severance agreement.

Easterbrook's 2018 compensation totalled $15.9 million. That included $1.3 million in salary and the rest in stock options and incentive payments.

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Steve Easterbrook has been fired as chief executive of McDonald ’ s , the fast-food chain announced on Sunday, after he engaged in a consensual relationship with an employee that violated company policy.

McDonald ' s confirmed Monday that Chief People Officer David Fairhurst has left the company, effective immediately. A person passes a McDonald ' s restaurant in Times Square following the firing of their CEO , Steve Easterbrook on Nov. 4, 2019 in New York.Kena Betancur / Getty Images.

Under his severance agreement, Easterbrook will be eligible for a prorated incentive payment for the 2019 fiscal year. He can also exercise stock options that have vested or will vest within three years.

At the end of 2018, Easterbrook had unvested options worth $21.8 million.

Easterbrook is also forbidden from working for a competitor for two years.

McDonald's board named Chris Kempczinski as the company's new president and CEO. Kempczinski most recently served as president of McDonald's U.S. division.

McDonald's Corp. said Monday that Kempczinski's base salary will be $1.25 million, or 58% higher than his 2018 compensation.

Analysts said Monday that Kempczinski — who joined McDonald's from Kraft in 2015 — will likely follow the path laid out by Easterbrook, including redesigning U.S. stores to make them more digitally savvy and testing voice-based technology at drive-thrus.

"We believe these initiatives will continue largely unchanged and Mr. Kempczinski's legacy will hinge on his ability to generate traffic growth in the U.S., which neither of his two predecessors were able to achieve," BTIG Managing Director Peter Saleh said in a note to investors.

McDonald' shares fell 3% to $187.60 in afternoon trading.

Dee-Ann Durbin, The Associated Press

McDonald’s Fires CEO Steve Easterbrook Over Relationship With Employee .
McDonald’s Corp. fired Chief Executive Officer Steve Easterbrook because he had a consensual relationship with an employee, losing the strategist who revived sales with all-day breakfast and led the company’s charge into delivery and online ordering. The burger chain’s board voted Friday to terminate Easterbrook, 52, after investigating the relationship, which violated company policy, according to a statement Sunday. McDonald’s policy doesn’t allow the CEO to have a relationship with anyone in the company. Chris Kempczinski, who runs U.S. operations, was promoted to president and CEO.

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