McDonald's made right decision in firing CEO Easterbrook: Former McDonald's USA CEO
'In this day and age it is just unthinkable that anybody would do that,' Ed Rensi says.
Former McDonald’s USA CEO Ed Rensi said Monday that the burger giant made the right decision by firing CEO Stephen Easterbrook for having a consensual relationship with an employee, calling the situation "inappropriate."
"In this day and age it is just unthinkable that anybody would do that," Rensi told "Cavuto: Coast to Coast." "The mistake was made, it's been corrected."
Rensi added that the relationship, which McDonald’s said violated company policy, and subsequent fallout negatively affected more than just Easterbrook.
"The stockholders got hurt today, the employees got hurt, the reputation got hurt," Rensi said. "Easterbrook's going to walk away with a lot of money, but he was terminated. Nothing good's going to come out of this except it oughta wake people up and do what's right."
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Steve Easterbook (Credit: McDonald's)
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Easterbrook, who was fired Sunday, will receive six months of compensation. While no dollar amount has been specified, he could make millions by cashing out his stock in the company.
Under his severance agreement, Easterbrook will be eligible for a prorated incentive payment for the 2019 fiscal year. He can also exercise stock options that have vested or will vest within three years.
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At the end of 2018, Easterbrook had unvested options worth $21.8 million.
Easterbrook's 2018 compensation totaled $15.9 million. That included $1.3 million in salary and the rest in stock options and incentive payments.
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Easterbrook is also forbidden from working for a competitor for two years.
The Associated Press contributed to this report.