Steve Easterbrook, the former McDonald’s chief executive who was fired over a relationship with a subordinate, has forfeited more than $105m to settle one of corporate America’s most extraordinary executive pay battles.
The burger chain on Thursday revealed Easterbrook’s return of awards, which far exceeded the $40m-plus severance package he was granted on his exit in 2019, in a bluntly worded announcement that included a public apology from the British executive.
“This settlement holds Steve Easterbrook accountable for his clear misconduct, including the way in which he exploited his position as CEO,” said Enrique Hernandez, chair of the McDonald’s board, in a statement that said Easterbrook had lied and tried to impede investigations into his actions.