52-year-old Steve Easterbrook, who served as CEO of McDonald’s for more than four years, resigned due to relations with a certain subordinate. This was reported by the Associated Press , Wall Street Journal and other media with reference to the company.
McDonald’s said it had arranged an internal investigation, which resulted in the board of directors voting for the dismissal of Easterbrook. The meeting took place on November 1. The Briton left not only the post, but also a place on the board.
In a November 3 newsletter for employees, McDonald’s called Easterbrook’s dismissal a violation of his personal policies. The former CEO did not deny this in the letter.
That was a mistake. Given corporate values, I agree with the board of directors that it is time for me to move on.
former McDonald’s CEO
McDonald’s did not detail the reason for the dismissal of Easterbrook. The name of the subordinate or subordinate is also unknown.
However, McDonald’s almost immediately announced the replacement of Easterbrook with 51-year-old Chris Kempinski, who until then had served as president of the US division. He joined the company in 2015, and at the last post he was responsible for the work of approximately 14 thousand fast-food restaurants in the United States.
Easterbrook has served as McDonald’s CEO since March 2015. He worked in the British division back in the 1990s, but in 2011 left the company and in 2013 returned to it. The Financial Times noted that under Easterbrook, McDonald’s began to turn from a network of “tasty and unhealthy foods” into a “modern, progressive burger company.”
The value of McDonald’s shares during Easterbrook’s business has more than doubled. As of November 1, the stock is worth $ 193.94.
Easterbrook, among other things , relied on the technological component: McDonald’s acquired several startups that are engaged, for example, in artificial intelligence, processing big data and voice recognition. One of the noteworthy developments allows us to offer the client a variant of the order before he makes it, the other – to put a car at the checkout instead of a person for faster transfer of orders to the kitchen.
In order to innovate, McDonald’s at Easterbrook announced a massive renovation of restaurants. This has led to a protracted conflict with franchisees, which, as the company points out, operate more than 80% of the locations around the world. The partners expressed dissatisfaction because of the significant expenses: as Bloomberg Businessweek wrote, the reconstruction costs everyone from 160 to 750 thousand dollars.
McDonald’s owns 38,000 restaurants in more than 100 countries. There are more than 600 network points in Russia.