- Push-out Score determined
- After about five years in the position
- Chris Kempczinski taking over
(exechange) — Chicago, Illinois, November 3, 2019 — Steve Easterbrook, chief executive of McDonald’s, leaves. As announced by McDonald’s Corp. in a news release on Sunday, November 3, 2019, Stephen (Steve) Easterbrook leaves his post as Chief Executive Officer at the fast food company after about five years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange.
Steve Easterbrook’s duties as CEO will be taken over by Christopher (Chris) Kempczinski, most recently President of the U.S. business of McDonald’s Corporation.
“He violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee”
Steve Easterbrook’s departure from the CEO post is explained as follows. McDonald’s said: “Kempczinski succeeds Steve Easterbrook, who has separated from the Company following the Board’s determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee.”
Precise information regarding Steve Easterbrook’s future plans was not immediately available.
Share price increase since March 2015
The announcement follows an increase in McDonald’s Corporation’s share price of 100% since March 2015.
Chaired by Enrique Hernandez Jr.
McDonald’s Corporation is chaired by Enrique Hernandez Jr.
Hernandez was elected Non-Executive Chairman of McDonald’s Corporation in May 2016.
In the position of CEO since 2015
Steve Easterbrook became CEO of the Company in March 2015.
Steve Easterbrook has been President and CEO of the world’s largest restaurant company since 2015.
Steve Easterbrook led McDonald’s turnaround by sparking the evolution of its company culture.
Since joining McDonald’s in 1993 as a Financial Reporting Manager in London, Steve Easterbrook has held numerous leadership roles.
He served as Global Chief Brand Officer, President of McDonald’s Europe and CEO of McDonald’s UK.
In addition to his more than 20 years with McDonald’s, Steve Easterbrook briefly led two UK-based restaurant chains, PizzaExpress Limited and wagamama limited, giving him a broader industry perspective.
Steve Easterbrook is a certified accountant and served as a visiting fellow of the Oxford University Centre for Corporate Reputation.
He has a degree in Natural Sciences from Durham University, where he played cricket.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to McDonald’s and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2019 ($).