Business Insider Edition

The McDonald's CEO fired over his relationship with a subordinate is keeping his post at Oxford University's Centre for Corporate Reputation

Bill Bostock , Business Insider US
 Nov 05, 2019, 04:31 PM
Ronald McDonald and ex-McDonald's CEO Steve Easterbrook.
Getty
  • The CEO of McDonald's will keep his position as a corporate reputation expert at the University of Oxford despite being fired for conducting a relationship with a subordinate.
  • McDonald's fired Steve Easterbrook on Sunday after he "demonstrated poor judgment" by embarking upon the relationship.
  • The Oxford University Centre for Corporate Reputation, where Easterbrook is a visiting fellow, told Business Insider: "This will not affect his position."
  • Easterbook quit as a member of Walmart's board on Monday.
  • For more stories go to www.BusinessInsider.co.za.

The CEO of McDonald's - who was fired over his relationship with a subordinate on Sunday - will not lose his role as a corporate reputation expert at the University of Oxford, the university said.

McDonald's on Sunday announced it had dismissed Steve Easterbrook, saying he "violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee."

However, the departure will not change his situation at the Oxford University Centre for Corporate Reputation, where he is a visiting fellow.

"I can confirm this will not affect his position as a visiting fellow here," said Thomas Pilsworth, a spokesman for the center.

Easterbrook is one of a number of CEOs and business figures who are visiting fellows at the centre, a research department dedicated to exploring corporate culture.

McDonald's share price and reputation took a hit following Easterbrook's departure.

McDonald's shares had dropped 3% in value by Monday night, wiping around $4 billion from its market capitalisation.

Amidst the fallout of his sacking, Easterbrook resigned his post on the board of Walmart, according to a Securities and Exchange Commission (SEC) filing posted Monday.

Easterbrook is also a director at Catalyst, a nonprofit advocacy group striving for "workplaces that work for women."

Catalyst is yet to respond to Business Insider's request for comment on whether Easterbrook will retain his position there.

A McDonald's take-out bag in a restaurant in New York.
Rachel Askinasi/Business Insider

Easterbrook's departure sparked debate over the acceptability of relationships between staff inside companies.

Critics argue men or women in senior positions wield power over subordinates which throws the "consensual" nature of the relationship into question.

The identity, age, or seniority of the woman involved with Easterbrook is not yet known.

According to company documents filed on Monday, Easterbrook is entitled to 26 weeks of severance pay. His annual salary was $1.35 million, meaning he will get a $675,000 payout.

Receive a daily email with all our latest news: click here.

Also from Business Insider South Africa:

  • Indicators
  • JSE Indexes
17.14
-0,85%
22.06
-0,69%
20.01
-0,66%
$1,881.00
-0,04%
54624.90
-0,17%
DAILY BUSINESS INSIDER UPDATE

Get the best of our site delivered to your inbox every day.

Sign Up