Steve Easterbrook has recently resigned as Chief Executive of Mcdonald’s.
The resignation comes after the fast food chain’s board investigated a report of a consensual relationship between Easterbrook and an employee.
“This was a mistake. Given the values of the company, I agree with the board that it is time for me to move on,” Mr. Easterbrook wrote.
According to a filing, Easterbrook will receive 26 weeks in severance pay. The position is soon to be filled by Chris Kempczinksi, who is currently the USA President.
Easterbrook held this position since 2015 and was part of a long career with Mcdonald’s. Prior to serving as Chief Executive, Easterbrook oversaw the franchise’s business in the U.K.
As Chief Executive, the price of shares nearly doubled. However, sales stagnated as wait times became longer and as consumers have become more health conscious. In response, Easterbrook has diversified the menu and tried to cultivate a brand of environmental friendliness associated with the franchise.
“Wouldn’t life be great if everyone was happy? Of course. Am I fundamentally concerned that it will derail us from the shared vision that we have? No, not at all,” Mr. Easterbrook said.
Additionally, under Easterbrook, Mcdonald’s decided not to lobby against increasing the minimum wage to $15 per hour.