Ousted McDonald's CEO returns $105M after misconduct

Former McDonald’s CEO Steve Easterbrook has paid back more than $105 million in equity awards and cash to the burger giant after it learned that he had lied about the extent of his misconduct while he was its top executive

Former McDonald’s CEO Steve Easterbrook has paid back more than $105 million in equity awards and cash to the burger giant after it learned that he had lied about the extent of his misconduct while he was its top executive.

“During my tenure as CEO, I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” Easterbrook said in a prepared statement issued Thursday by McDonald’s. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”

McDonald’s fired Easterbrook in late 2019 after he acknowledged exchanging videos and text messages in a non-physical, consensual relationship with an employee. At the time of his firing, Easterbrook told the company there were no other similar instances and an inspection of his cell phone seemed to back that up. McDonald’s board approved a separation agreement “without cause” that allowed Easterbrook to keep tens of millions in stock-based benefits and other compensation.

Then, in July 2020, the company received an anonymous tip from an employee claiming that Easterbrook had engaged in a sexual relationship with another employee. After an investigation, McDonald’s confirmed that relationship as well as two other physical, sexual relationships with employees in the year before it fired its top executive. The company said Easterbrook had removed evidence of those relationships from his phone.