Steve Easterbrook (born 6 August 1967) is a British business executive. From March 2015 to November 2019, he served as president and chief executive of McDonald’s, a major American fast food corporation.
On 1 November 2019, the Board of Directors voted to dismiss Easterbrook with immediate effect, due to evidence of a relationship with a staff member – a violation of company policy.
Steve Easterbrook is out as McDonald’s CEO and president after the board determined that he violated company policy, the company said https://t.co/8vzhbCRv4q
— CNN (@CNN) November 3, 2019
Steve Easterbrook Early Life
Stephen James Easterbrook was born on 6 August 1967 in Watford, England. He grew up in Watford and was educated there at Watford Grammar School for Boys. He studied natural sciences at St Chad’s College, Durham University, where he played cricket with fellow student, Nasser Hussain, who would later become England cricket captain.
BREAKING: In a statement, McDonald’s says CEO Easterbrook was fired after the board determined that he “violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee. “ https://t.co/SMyI5sDyuT
— CNBC Now (@CNBCnow) November 3, 2019
Steve Easterbrook Career
After university, he trained as an accountant with Price Waterhouse. Easterbrook first worked for McDonald’s in 1993 as a manager in London. In 2011 he left to become CEO of PizzaExpress and then CEO of Wagamama, two British casual dining chains, before returning to McDonald’s in 2013.
On 1 March 2015, after being chief brand officer of McDonald’s and its former head in the UK and northern Europe, he became the CEO of the company, succeeding Don Thompson, who stepped down on 28 January 2015. For 2016, Easterbrook’s total compensation almost doubled to $15.4 million.
In November 2019, the McDonald’s board of directors voted to remove Easterbrook as CEO, as he had violated corporate policies on personal conduct by entering into a relationship with an employee. He was replaced as CEO by Chris Kempczinski, who had been president of McDonald’s USA.
McDonald’s CEO Steve Easterbrook leaving company after having consensual relationship with employee. “Given the values of the company, I agree with the board that it is time for me to move on,” Easterbrook said in an email. https://t.co/5PBRRw8A6R pic.twitter.com/WBofdEDGK2
— FOX 32 News (@fox32news) November 3, 2019
Steve Easterbrook Personal Life
He is divorced with three children, who visit McDonald’s two or three times a month. He lives in Illinois, and is a Watford FC football fan.
Steve Easterbrook Fires News Keypoints
McDonald’s announced the ouster of CEO Steve Easterbook Sunday over an inappropriate relationship with an employee.
The company’s board determined that Easterbrook “violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” it announced.
Desiree Moore, an attorney for Easterbrook, told FOX Business that Easterbrook “is deeply grateful for his time at McDonald’s and continues to believe in the company’s future.”
“He acknowledges his error in judgment and supports the company’s decision,” Moore said, “He will not be commenting further at this time.”
McDonald’s named Chris Kempczinski, the McDonald’s USA president, as its new president and CEO. He was also elected to the board of directors.
“I’m thrilled to be leading this incredible company,” Kempczinksi said in a press release. “Working alongside our talented team, our board, our franchisees and supplies, I am committed to upholding our rich heritage of serving our customers and driving value for our shareholders and other stakeholders.”
Kempczinski has previous experience at PepsiCo, Kraft and Procter & Gamble. He has been with McDonald’s since 2015, when he joined the company as its executive vice president of strategy, business development and innovation. He was promoted to head U.S. operations in 2017.
— The Hill (@thehill) November 3, 2019
Enrique Hernandez Jr., chairman of McDonald’s board, said in the press release that the board believes Kempczinski has “the vision and drive” to continue the company’s “strong” performance, noting that Kempczinski was instrumental in developing McDonald’s strategic plan.
“He has the right mix of skills and experience to lead us forward having run our U.S. business, where franchisees are delivering strong financial and operational results, and overseen global strategy, business development and innovation,” Hernandez said.
The CEO switchup came less than two weeks after McDonald’s reported its first quarterly profit miss in two years, with a 4 percent drop compared to a year earlier.
Easterbook had been McDonald’s president and CEO since 2015. He had been with the company since 1993.
McDonald’s CEO steps down after violating company policy by engaging in a consensual relationship with an employee. The fast-food giant names Chris Kempczinski as its new president and CEO. https://t.co/3CnUMLXPwx
— CBC News Alerts (@CBCAlerts) November 3, 2019