Scrutiny of executives and their treatment of employees has intensified amid the #MeToo social media movement, which highlighted instances of sexual harassment in the workplace.
Former McDonald's CEO Steve Easterbrook stands to pocket $70 million worth of stocks and options as part of being ousted from the company over a consensual relationship with an employee, CBS News reported Tuesday.
Besides Mr Easterbrook, Mr David Fairhurst, who was global chief people officer, also left the company, according to an internal memo sent on Monday by newly minted CEO Chris Kempczinsk.
Walmart said in a filing to the Securities and Exchange Commission that Stephen Easterbrook has resigned, effectively immediately, from the retailer's board. He also joined the McDonald's board. In an email to employees, Easterbrook said the relationship was a mistake and he agreed "it is time for me to move on". He now holds about 36,800 options that he could exercise at any point, bringing his stake to roughly $7.08 million as of McDonald's share price at 3:20 p.m. ET Tuesday.
The company did not provide further details on the circumstances surrounding Easterbrook's CEO departure.
Chris was instrumental in the improvement of the Companys key arrangement, which has empowered worldwide development and initiative, and has directed the most thorough change of the US business in McDonalds history, Enrique Hernandez Jr., administrator of the chains top managerial staff, said in an announcement.
In August, the hamburger chain unveiled a program to teach its 850,000 USA employees how to recognize and report harassment and bullying.
McDonald's shares roughly doubled during Easterbrook's tenure.
McDonald's declined to thunder to CBS News.
The McDonald's CEO fired Sunday over a relationship with a subordinate has been sacked as director of a nonprofit backing equality in the workplace. McDonald's is seen late in reintroducing chicken sandwiches and rival Wendys Co has started serving breakfast. Franchisees - who own 95% of McDonald's 14,000 US restaurants - aren't required to offer the training, but the company expects them to provide it. Easterbrook turned around McDonald's operations in the United Kingdom, where he was born, by refocusing on burgers and burnishing the brand with an ad campaign that sought to debunk unflattering rumors about its food.
Easterbrook earned $US15.9 million in his role as McDonald's CEO in 2018, and he is set to receive at least half a year's wages in severance pay.
"It makes little sense to forbid them", Taylor said. "And the company needs to be completely transparent about Easterbrook's firing and any other executive departures related to these issues".
"This is the most effective way to limit the potential for favouritism, retaliation and sexual harassment claims". In the official statement, the company stated a poor judgment made by the former CEO. Kempczinski said at the time the company and franchisees "have a responsibility to take action on this issue and are committed to promoting positive change".