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McDonald's says Easterbrook eligible for six months severance pay

Stock MarketsNov 04, 2019 01:02PM ET
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© Reuters. FILE PHOTO: Steve Easterbrook, CEO of McDonald's Corp., attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho

(Reuters) - McDonald's Corp (N:MCD) said on Monday former Chief Executive Officer Steve Easterbrook was eligible for six months of severance pay, as part of his termination agreement with the company.

The company also said its global Chief People Officer David Fairhurst will leave McDonald's, but did not provide any further details.

Fairhurst has been with the company for nearly 15 years, holding key human resources positions, according to his LinkedIn (NYSE:LNKD) profile.

On Sunday, McDonald's, the world's biggest fast-food chain, said it had dismissed Easterbrook over a recent consensual relationship with an employee, which the board determined violated company policy.

"In consideration for (severance) benefits, Mr. Easterbrook has agreed to a release of claims in favor of the company," McDonald's said in regulatory filing.

Easterbrook received total compensation of $15.88 million in 2018, according to a filing.

He would get about $675,000 in severance after six months, based on his 2018 base salary of $1.35 million. Easterbrook is also eligible for 18 months of health benefits, the filing showed.

McDonald's said Easterbrook's separation agreement contained a two-year post-termination non-competition clause, which is six months longer and more expansive in scope than his existing agreements.

New CEO Chris Kempczinski will have an annual base salary of $1.25 million, with a target-based bonus of 170% of his annual base salary, McDonald's said.

The Chicago-based company's shares fell over 3% on Monday.

McDonald's says Easterbrook eligible for six months severance pay
 

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eddie glass
eddie glass Nov 04, 2019 3:41PM ET
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got some McPoon and 6 months of severance pay... now that is a happy meal
 
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