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Tuesday, March 28, 2023

McDonald’s ex-CEO Fired After Affairs With Workers is Fined $400K by SEC

McDonald’s ex-CEO Fired After Affairs With Workers is Fined $400K by SEC – The Securities and Exchange Commission accused former McDonald’s CEO Stephen Easterbrook of lying to investors about why he was fired in 2019. As a result, the SEC has imposed a five-year ban on Easterbrook serving as an officer or director, as well as a fine of $400,000. The SEC stated that McDonald’s dismissed Easterbrook in November 2019 due to his “poor judgment” in having a relationship with a McDonald’s employee.

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The Securities and Exchange Commission (SEC) also alleged that Easterbrook failed to disclose other violations of company policy, including having undisclosed relationships with other McDonald’s employees. While the SEC criticized McDonald’s for its “shortcomings” in disclosing the circumstances surrounding Easterbrook’s firing, the company was not fined due to its “substantial cooperation” with the investigation. Easterbrook’s attorneys did not immediately respond to requests for comment on the SEC’s charges, which he has not admitted or denied but has agreed to.

McDonald’s said in a statement that the settlement reinforced the fact it held Easterbrook “accountable for his misconduct.” In 2021, Easterbrook returned over $105 million he received as a severance package in 2019 and apologized to the company to settle a lawsuit over the alleged cover-up. “We fired him, and then sued him upon learning that he lied about his behavior,” the firm said in its statement on Monday.


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