McD’s former CEO to collect paycheck for six months

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Steve Easterbrook

Steve Easterbrook

‘Separation Agreement
and General Release’
specifies salary, benefits,
and non-compete in
Steve Easterbrook’s
15-page severance plan

 

McDonald’s erstwhile CEO Steve Easterbrook will help his former employer with “any pending, threatened or future investigations” and continue to collect a paycheck for the next six months.

Those were just two of several stipulations identified in a 15-page Separation Agreement and General Release between the restaurant and the former leader who resigned on Sunday.

McDonald’s Corporation announced that Easterbrook was fired due to a consensual relationship with an employee in a press release yesterday. The company said that the board of directors made the decision after concluding that Easterbrook had violated McDonald’s policy against manager relationships with direct or indirect reports.

ALSO READ: McDonald’s Easterbrook fired over employee relationship

In an email to email to The Wall Street Journal, 52-year-old Easterbrook described the relationship as “a mistake.”

“Given the values of the company,” he wrote, “I agree with the board that it is time for me to move on.”

Other specifications in Easterbrook’s Separation Agreement include that he not work for McDonald’s competitors like Burger King, Yum Brands, and Starbucks, as well as convenience stores like 7-11 and Wawa, according to The Washington Post, which reported that Easterbrook earned nearly $16 million last year, including a base salary of $1.35 million.

 
Send your staff updates to Reel Chicago Editor Dan Patton, dan@reelchicago.com.

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