Steve Easterbrook, the disgraced former McDonald’s president and CEO sacked for sexual misconduct, has paid back more than US$105 million to the burger business.
In a settlement with McDonald’s, Easterbrook has returned equity awards and cash which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.
Easterbrook has also apologised for his behaviour.
In a statement released by McDonald’s Easterbrook said “During my tenure as CEO, I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company. I apologize to my former co-workers, the Board, and the company’s franchisees and suppliers for doing so.”
McDonald’s is to dismiss its action against him with prejudice.
Enrique Hernandez, Jr., chairman of the board of directors of McDonald’s Corporation, said “This settlement holds Steve Easterbrook accountable for his clear misconduct, including the way in which he exploited his position as CEO.
“The resolution avoids a protracted court process and allows us to move forward. It also affirms the board’s initial judgment to pursue this case. ”
In the statement the fast food giant confirmed it is focused on ensuring its values are enshrined in the workplace.
McDonald’s will continue to promote safe and respectful workplaces, it said. In April 2021 the multinational business introduced its Global Brand Standards for safe, respectful and inclusive workplaces. All the 39,000 McDonald’s restaurants are required to adhere to the standards.
This story originally appeared in our sister publication, Inside Franchise Business Executive.