He was fired for having a relationship with an employee, but will still get to keep more than $37 million in stock awards
Former McDonald’s Corp. Chief Executive Stephen Easterbrook, who was fired for having a relationship with an employee, was allowed to keep stock awards worth more than $37 million as well as $675,000 severance and health insurance benefits.
The termination was categorized as “without cause,” the Chicago-based firm said Monday, signaling that the transgression wasn’t severe enough to bar him from receiving exit payments. His health insurance benefits will continue for 18 months., who was fired by Intel Corp. last year after the board learned he had a consensual relationship with an employee, surrendered equity awards worth tens of millions of dollars and received no severance.
“A middle manager who did that would be escorted out with all his belongings in a shoe box, and it sends a terrible message — not just to the employees and the investors and consumers but to society about how there are two rules: One for the powerful, one for the not,” Minow said. The rapid shake-up shows how executives’ behavior is under a microscope in the #MeToo era — and transgressions that may once have been considered minor are no longer swept aside, even for star performers. At McDonald’s, which for years has been a target of activists because of its wage and labor practices, the scrutiny is especially intense.
The company has countered criticism by revamping policies to include training for workers to deal with harassment and starting a hotline for victims, including other measures. But critics, including Democratic presidential candidates Bernie Sanders andhave said McDonald’s moves “fall short” and send “the wrong message” by merely “encouraging” the franchisees who run most of the chain’s stores to adopt new policies, rather than requiring them to.
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