Business Insider Edition

The fired CEO of McDonald's has resigned his seat on Walmart's board

Mary Hanbury , Business Insider US
 Nov 05, 2019, 12:52 PM
SUN VALLEY, ID - JULY 10: Steve Easterbrook, chief
(Photo by Drew Angerer/Getty Images)
  • Steve Easterbrook, the former CEO of McDonald's who was fired over a relationship with another employee, has also stepped down from Walmart's board.
  • Easterbrook joined Walmart's board in May 2018. His departure was announced in an SEC filing Monday.
  • Walmart said his decision "was not due to any disagreement with the Company." A spokesperson declined to comment further.
  • For more stories go to www.BusinessInsider.co.za.

McDonald's recently fired CEO Steve Easterbrook has also resigned from Walmart's board.

According to a Securities and Exchange Commission (SEC) filing, Easterbrook informed Walmart on Monday that he would resign from the board effective immediately. He joined in May 2018.

Walmart said his decision to resign "was not due to any disagreement with the Company on any matter relating to its operations, policies or practices." A spokesperson declined to comment further to Business Insider.

Easterbrook was removed from his position over the weekend. In its announcement, McDonald's said the reason for his departure was a relationship between Easterbrook, who is divorced, and a subordinate employee.

Easterbrook has been at the helm of McDonald's since March 2015 after previous stints as CEO of British restaurant chains Wagamama and Pizza Express. Over the course of 18 years, he has worked his way up the ranks at McDonald's having first started out as a financial reporting manager there in 1993.

His role as CEO will now be taken over by Chris Kempczinski, who previously served as president of McDonald's.

In an email to employees on Sunday, which was reported on by The Wall Street Journal, Easterbrook said that the relationship "was a mistake."

"Given the values of the company, I agree with the board that it is time for me to move on," he said of McDonald's decision to fire him.

According to his severance package, which was filed with the SEC on Monday, Easterbrook will receive at least $675,000 before benefits, in addition to the possibility of a prorated bonus.

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