Immediately on the heels of the ouster of Steve Easterbrook, CEO, McDonald’s, for indulging in a consensual relationship with an employee against company policy, the HR chief of the food giant also exited.
David Fairhurst, the fast-food Company’s HR head left the organisation, after spending about 14 years there. However, no details of his exit have been released by the Company.
Meanwhile, Easterbrook, who had to leave for violating the company policy has signed a separation agreement involving severance package of six months’ pay with stock options (either presently vested or to be vested within three years). The options that are not exercisable within the said period will be lost .
Last year, Easterbrook took home a base pay of about $1.3 million, while his total compensation, inclusive of bonus and stock options was $15.9 million.
Now, Easterbrook has not only agreed to let go of any claims against McDonald’s but he will not be working for any of the food company’s competitors—such as Burger King, Chick-fil-A, Starbucks and Pizza Hut— for the next two years.
Chris Kempczinski, who was running US operations till now, has been promoted to the position of president and CEO.
The stock of McDonald’s, which had almost doubled since Easterbrook had taken over about four years back, dipped following his exit. Shares fell almost as much as three per cent.