Investing.com -- Three days into his tenure as the new chief executive officer at McDonald's (NYSE:MCD), Steve Easterbrook is receiving an increase of nearly 70% of his previous base salary.
Easterbrook, who previously served as Senior Executive Vice President and Chief Brand Officer for the world's largest restaurant, will make an annual base salary of $1.1 million, McDonald's said Tuesday. The figure does not include a package of incentives that Easterbrook could receive if the company reaches a number of targeted goals.
McDonald's stock edged up slightly in after-hour trading to 99.74 from Tuesday's close of 99.59.
"I am honored to lead this great brand, and am committed to working with our franchisees, suppliers and employees to drive forward our strategic business priorities to better serve our customers," Easterbrook said in a statement upon his promotion in late-January.
Easterbrook is succeeding former McDonald's CEO Don Thompson, who announced his retirement in January after nearly 25 years of service with the company.
McDonald's also announced on Tuesday that Thompson will receive a total of $3 million for consulting services.
Thompson's retirement came after the company posted disappointing sales figures over the last two years. In 2014, McDonald's stock declined by roughly 6%.