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{{short description|British business executive (born 1967)}}
{{Use dmy dates|date=November 2019}}
{{Use dmy dates|date=November 2019}}
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{{short description|British business executive}}
{{Infobox person
{{Infobox person
| name = Steve Easterbrook
| name = Steve Easterbrook
| image =
| image = File:Steve Easterbrook.webp
| image_size =
| image_size =
| caption =
| caption = Steve Easterbrook as CEO of [[McDonald's]]
| birth_name = Stephen James Easterbrook
| birth_name = Stephen James Easterbrook
| birth_date = {{birth date and age|1967|08|06|df=yes}}
| birth_date = {{birth date and age|1967|08|06|df=yes}}
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| death_place =
| death_place =
| education = [[Watford Grammar School for Boys]]
| education = [[Watford Grammar School for Boys]]
| alma mater = [[Durham University]]
| alma mater = [[St Chad's College]], [[Durham University|Durham]] ([[Bachelor of Science|BSc]])
| occupation = Business executive
| occupation = Business executive
| title = Former president and CEO, [[McDonald's]]
| title = Former president and CEO, [[McDonald's]]
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==Early life==
==Early life==
Stephen James Easterbrook was born on 6 August 1967 in [[Watford]], England.<ref name="Britannica">{{cite web |last1=Rafferty |first1=John P. |title=Steve Easterbrook |url=https://www.britannica.com/biography/Steve-Easterbrook |website=Britannica |access-date=28 August 2019}}</ref><ref name=CompaniesHouse>{{cite web|title=Wagamama Limited|url=https://beta.companieshouse.gov.uk/company/02605751/officers|website=Companies House|access-date=29 August 2015}}</ref><ref name=Bloomberg02>{{cite web|title=Stephen J. Easterbrook|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=27064307&ticker=MCD|website=Bloomberg|access-date=29 January 2015}}</ref><ref name=Independent>{{cite news|last1=Thompson|first1=James|title=Steve Easterbrook: An appetite for more growth at McDonald's UK|url=https://www.independent.co.uk/news/people/profiles/steve-easterbrook-an-appetite-for-more-growth-at-mcdonalds-uk-1996098.html|access-date=29 January 2015|work=The Independent|date=10 June 2010}}</ref> He grew up in [[Watford]]<ref name=Telegraph>{{cite news|last1=Trotman|first1=Andrew|title=McDonald's names UK-born Steve Easterbrook as new chief executive|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11375911/McDonalds-names-UK-born-Steve-Easterbrook-as-new-chief-executive.html|access-date=29 January 2015|work=The Daily Telegraph|date=28 January 2015}}</ref><ref>{{Cite news|url=https://www.theguardian.com/business/2015/jan/29/mcdonalds-new-chief-executive-steve-easterbrook|title=Profile: McDonald's chief executive Steve Easterbrook|last=Monaghan|first=Angela|date=29 January 2015|work=The Guardian|access-date=14 April 2019|language=en-GB|issn=0261-3077}}</ref> and was educated at [[Watford Grammar School for Boys]].<ref name=Independent/> He studied natural sciences at [[St Chad's College]], [[Durham University]], where he played cricket with fellow student [[Nasser Hussain]], who would later become England cricket captain.<ref name=Independent/>
Stephen James Easterbrook was born on 6 August 1967 in [[Watford]], England.<ref name="Britannica">{{cite web |last1=Rafferty |first1=John P. |title=Steve Easterbrook |url=https://www.britannica.com/biography/Steve-Easterbrook |website=Britannica |access-date=28 August 2019}}</ref><ref name=CompaniesHouse>{{cite web|title=Wagamama Limited|url=https://beta.companieshouse.gov.uk/company/02605751/officers|website=Companies House|access-date=29 August 2015}}</ref><ref name=Bloomberg02>{{cite web|title=Stephen J. Easterbrook|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=27064307&ticker=MCD|website=Bloomberg|access-date=29 January 2015}}</ref><ref name=Independent>{{cite news|last1=Thompson|first1=James|title=Steve Easterbrook: An appetite for more growth at McDonald's UK|url=https://www.independent.co.uk/news/people/profiles/steve-easterbrook-an-appetite-for-more-growth-at-mcdonalds-uk-1996098.html |archive-url=https://ghostarchive.org/archive/20220525/https://www.independent.co.uk/news/people/profiles/steve-easterbrook-an-appetite-for-more-growth-at-mcdonalds-uk-1996098.html |archive-date=25 May 2022 |url-access=subscription |url-status=live|access-date=29 January 2015|work=The Independent|date=10 June 2010}}</ref> He grew up in [[Watford]]<ref name=Telegraph>{{cite news|last1=Trotman|first1=Andrew|title=McDonald's names UK-born Steve Easterbrook as new chief executive|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11375911/McDonalds-names-UK-born-Steve-Easterbrook-as-new-chief-executive.html|access-date=29 January 2015|work=The Daily Telegraph|date=28 January 2015}}</ref><ref>{{Cite news|url=https://www.theguardian.com/business/2015/jan/29/mcdonalds-new-chief-executive-steve-easterbrook|title=Profile: McDonald's chief executive Steve Easterbrook|last=Monaghan|first=Angela|date=29 January 2015|work=The Guardian|access-date=14 April 2019|language=en-GB|issn=0261-3077}}</ref> and was educated at [[Watford Grammar School for Boys]].<ref name=Independent/> He studied natural sciences at [[St Chad's College]], [[Durham University]], where he played cricket with fellow student [[Nasser Hussain]], who would later become England cricket captain.<ref name=Independent/>


==Career==
==Career==
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On 1 March 2015, after being chief brand officer of [[McDonald's]] and its former head in the UK and northern Europe, he became the CEO of the company, succeeding [[Don Thompson (executive)|Don Thompson]], who stepped down on 28 January 2015.<ref name=Guardian>{{cite news|last1=Neate|first1=Rupert|title=McDonald's chief executive steps down after sales slump|url=https://www.theguardian.com/business/2015/jan/29/mcdonalds-sacks-ceo-don-thompson-steve-easterbrook|access-date=29 January 2015|work=The Guardian|date=29 January 2015}}</ref> For 2016, Easterbrook's total compensation almost doubled to $15.4 million.<ref name="Chicago Tribune">{{cite news|last1=Bomkamp|first1=Samantha|title=McDonald's CEO Easterbrook sees pay package nearly double to $15.4 million|url=http://www.chicagotribune.com/business/ct-mcdonalds-executive-pay-0414-biz-20170413-story.html|access-date=6 January 2018|work=Chicago Tribune|date=13 April 2017}}</ref>
On 1 March 2015, after being chief brand officer of [[McDonald's]] and its former head in the UK and northern Europe, he became the CEO of the company, succeeding [[Don Thompson (executive)|Don Thompson]], who stepped down on 28 January 2015.<ref name=Guardian>{{cite news|last1=Neate|first1=Rupert|title=McDonald's chief executive steps down after sales slump|url=https://www.theguardian.com/business/2015/jan/29/mcdonalds-sacks-ceo-don-thompson-steve-easterbrook|access-date=29 January 2015|work=The Guardian|date=29 January 2015}}</ref> For 2016, Easterbrook's total compensation almost doubled to $15.4 million.<ref name="Chicago Tribune">{{cite news|last1=Bomkamp|first1=Samantha|title=McDonald's CEO Easterbrook sees pay package nearly double to $15.4 million|url=http://www.chicagotribune.com/business/ct-mcdonalds-executive-pay-0414-biz-20170413-story.html|access-date=6 January 2018|work=Chicago Tribune|date=13 April 2017}}</ref>


Capitalizing on his in-depth knowledge of the food industry, it was announced in September 2022 that Easterbrook had joined the San Antonio-based vegan fast food chain, Project Pollo, as both an investor and adviser.<ref>{{Cite web |title=Former McDonald's CEO Steve Easterbrook Invests in Project Pollo {{!}} QSR magazine |url=https://www.qsrmagazine.com/fast-casual/former-mcdonalds-ceo-steve-easterbrook-invests-project-pollo |access-date=2023-09-28 |website=www.qsrmagazine.com |date=20 September 2022 |language=en}}</ref>

===Removal as McDonald's CEO===
In November 2019, McDonald's board of directors voted to remove Easterbrook as CEO since he had violated corporate policies on personal conduct by entering into a relationship with a company employee.<ref>{{Cite news|url=https://www.wsj.com/articles/mcdonalds-fires-ceo-steve-easterbrook-over-relationship-with-employee-11572816660|title=McDonald's Fires CEO Steve Easterbrook Over Relationship With Employee|first=Heather|last=Haddon|newspaper=Wall Street Journal|date=4 November 2019}}</ref> He was replaced as CEO by [[Chris Kempczinski]], who had been president of McDonald's USA.<ref name="Evening Express">{{cite news |title=McDonald's CEO steps down after relationship with employee |url=https://www.eveningexpress.co.uk/news/business/mcdonalds-ceo-steps-down-after-relationship-with-employee/ |access-date=3 November 2019 |work=Evening Express |date=3 November 2019}}</ref>
In November 2019, McDonald's board of directors voted to remove Easterbrook as CEO since he had violated corporate policies on personal conduct by entering into a relationship with a company employee.<ref>{{Cite news|url=https://www.wsj.com/articles/mcdonalds-fires-ceo-steve-easterbrook-over-relationship-with-employee-11572816660|title=McDonald's Fires CEO Steve Easterbrook Over Relationship With Employee|first=Heather|last=Haddon|newspaper=Wall Street Journal|date=4 November 2019}}</ref> He was replaced as CEO by [[Chris Kempczinski]], who had been president of McDonald's USA.<ref name="Evening Express">{{cite news |title=McDonald's CEO steps down after relationship with employee |url=https://www.eveningexpress.co.uk/news/business/mcdonalds-ceo-steps-down-after-relationship-with-employee/ |access-date=3 November 2019 |work=Evening Express |date=3 November 2019}}</ref>


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}}</ref>
}}</ref>


In December 2021, it was reported that Easterbrook has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America. McDonalds said that "Mr. Easterbrook would return equity awards and cash, with a current value of more than $105 million, which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause." It did not specify the proportion of cash and stock.<ref>{{Cite news|last=Gelles|first=David|last2=Creswell|first2=Julie|date=2021-12-16|title=Former McDonald’s C.E.O. Repays Company $105 Million|language=en-US|work=The New York Times|url=https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html|access-date=2021-12-22|issn=0362-4331}}</ref>
In December 2021, it was reported that Easterbrook had returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America. McDonalds said that "Mr. Easterbrook would return equity awards and cash, with a current value of more than $105 million, which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause." It did not specify the proportion of cash and stock.<ref>{{Cite news|last1=Gelles|first1=David|last2=Creswell|first2=Julie|date=2021-12-16|title=Former McDonald's C.E.O. Repays Company $105 Million|language=en-US|work=The New York Times|url=https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html|access-date=2021-12-22|issn=0362-4331}}</ref>

In 2023, Easterbrook agreed to [[U.S. Securities and Exchange Commission|SEC]] imposed punishments around the disclosure of his McDonald's departure, to include a $400,000 fine, and being ineligible to serve as a director or executive for any public company for a period of five years.<ref>{{Cite news |last1=Sorkin |first1=Andrew Ross |last2=Mattu |first2=Ravi |last3=Warner |first3=Bernhard |last4=Kessler |first4=Sarah |last5=Merced |first5=Michael J. de la |last6=Hirsch |first6=Lauren |last7=Livni |first7=Ephrat |date=2023-01-10 |title=McDonald's Former C.E.O. Pays for a Workplace Scandal |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/01/10/business/dealbook/mcdonalds-ceo-sec-firing.html |access-date=2023-09-28 |issn=0362-4331}}</ref><ref>{{Cite web |last=Saul |first=Derek |title=SEC Charges Former McDonald's CEO Easterbrook For Lying About Extent Of Workplace Misconduct |url=https://www.forbes.com/sites/dereksaul/2023/01/09/sec-charges-former-mcdonalds-ceo-easterbrook-for-lying-about-extent-of-workplace-misconduct/ |access-date=2023-09-28 |website=Forbes |language=en}}</ref>


==Personal life==
==Personal life==
He is divorced<ref>{{cite news|url=https://www.thetimes.co.uk/article/steve-easterbrook-the-wizard-from-watford-shaking-up-mcdonalds-qjkv6r8ll|title=Steve Easterbrook: The wizard from Watford shaking up McDonald's|first=Simon|last=Duke|date=7 January 2018|access-date=19 June 2019|newspaper=The Sunday Times}}</ref> with three children, who visit McDonald's two or three times a month.<ref name=Independent/> He lives in Illinois, and is a [[Watford F.C.|Watford FC]] football fan.<ref name=BBC>{{cite news|last1=Robertson|first1=Jamie|title=Steve Easterbrook's new McJob|url=https://www.bbc.co.uk/news/business-31034874|access-date=29 January 2015|work=BBC|date=29 January 2015}}</ref>
He is divorced<ref>{{cite news|url=https://www.thetimes.co.uk/article/steve-easterbrook-the-wizard-from-watford-shaking-up-mcdonalds-qjkv6r8ll|title=Steve Easterbrook: The wizard from Watford shaking up McDonald's|first=Simon|last=Duke|date=7 January 2018|access-date=19 June 2019|newspaper=The Sunday Times}}</ref> with three children, who, he said in 2010, visit McDonald's two or three times a month.<ref name=Independent/> He lives in Illinois, and is a [[Watford F.C.|Watford FC]] football fan.<ref name=BBC>{{cite news|last1=Robertson|first1=Jamie|title=Steve Easterbrook's new McJob|url=https://www.bbc.co.uk/news/business-31034874|access-date=29 January 2015|work=BBC|date=29 January 2015}}</ref>


==References==
==References==

Latest revision as of 18:06, 22 October 2024

Steve Easterbrook
Steve Easterbrook as CEO of McDonald's
Born
Stephen James Easterbrook

(1967-08-06) 6 August 1967 (age 57)
Watford, England
EducationWatford Grammar School for Boys
Alma materSt Chad's College, Durham (BSc)
OccupationBusiness executive
TitleFormer president and CEO, McDonald's
Term2015–2019
PredecessorDon Thompson
SuccessorChris Kempczinski
Children3

Stephen James Easterbrook (born 6 August 1967) is a British business executive. From March 2015 to November 2019, he was president and chief executive of McDonald's, the American fast food company.

On 1 November 2019, the board of directors voted to dismiss Easterbrook with immediate effect, due to evidence of a relationship with a staff member, which is a violation of company anti-fraternisation policies.

Early life

[edit]

Stephen James Easterbrook was born on 6 August 1967 in Watford, England.[1][2][3][4] He grew up in Watford[5][6] and was educated at Watford Grammar School for Boys.[4] He studied natural sciences at St Chad's College, Durham University, where he played cricket with fellow student Nasser Hussain, who would later become England cricket captain.[4]

Career

[edit]

After university, he trained as an accountant with Price Waterhouse.[4] Easterbrook first worked for McDonald’s in 1993 as a manager in London. In 2011 he left to become CEO of PizzaExpress and then CEO of Wagamama, two British casual dining chains, before returning to McDonald’s in 2013.[7]

On 1 March 2015, after being chief brand officer of McDonald's and its former head in the UK and northern Europe, he became the CEO of the company, succeeding Don Thompson, who stepped down on 28 January 2015.[8] For 2016, Easterbrook's total compensation almost doubled to $15.4 million.[9]

Capitalizing on his in-depth knowledge of the food industry, it was announced in September 2022 that Easterbrook had joined the San Antonio-based vegan fast food chain, Project Pollo, as both an investor and adviser.[10]

Removal as McDonald's CEO

[edit]

In November 2019, McDonald's board of directors voted to remove Easterbrook as CEO since he had violated corporate policies on personal conduct by entering into a relationship with a company employee.[11] He was replaced as CEO by Chris Kempczinski, who had been president of McDonald's USA.[12]

In August 2020, McDonald's filed suit against Easterbrook, accusing him of lying about the number and extent of his relationships with subordinate employees and seeking to recover his severance package of more than $40 million. The company claimed that Easterbrook had sexual relationships with three women in the year before he was fired and awarded one of these employees stock options worth hundreds of thousands of dollars. Easterbrook was also accused of using his corporate email account to receive and send sexually explicit photos and videos of various women (including the three alleged relationships). The lawsuit is seeking to change the reason for Easterbrook's removal to "for cause", allowing the company to recoup its severance payments.[13]

In December 2021, it was reported that Easterbrook had returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America. McDonalds said that "Mr. Easterbrook would return equity awards and cash, with a current value of more than $105 million, which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause." It did not specify the proportion of cash and stock.[14]

In 2023, Easterbrook agreed to SEC imposed punishments around the disclosure of his McDonald's departure, to include a $400,000 fine, and being ineligible to serve as a director or executive for any public company for a period of five years.[15][16]

Personal life

[edit]

He is divorced[17] with three children, who, he said in 2010, visit McDonald's two or three times a month.[4] He lives in Illinois, and is a Watford FC football fan.[18]

References

[edit]
  1. ^ Rafferty, John P. "Steve Easterbrook". Britannica. Retrieved 28 August 2019.
  2. ^ "Wagamama Limited". Companies House. Retrieved 29 August 2015.
  3. ^ "Stephen J. Easterbrook". Bloomberg. Retrieved 29 January 2015.
  4. ^ a b c d e Thompson, James (10 June 2010). "Steve Easterbrook: An appetite for more growth at McDonald's UK". The Independent. Archived from the original on 25 May 2022. Retrieved 29 January 2015.
  5. ^ Trotman, Andrew (28 January 2015). "McDonald's names UK-born Steve Easterbrook as new chief executive". The Daily Telegraph. Retrieved 29 January 2015.
  6. ^ Monaghan, Angela (29 January 2015). "Profile: McDonald's chief executive Steve Easterbrook". The Guardian. ISSN 0261-3077. Retrieved 14 April 2019.
  7. ^ Giammona, Craig (28 January 2015). "McDonald's CEO Don Thompson to Step Down". Bloomberg. Retrieved 29 January 2015.
  8. ^ Neate, Rupert (29 January 2015). "McDonald's chief executive steps down after sales slump". The Guardian. Retrieved 29 January 2015.
  9. ^ Bomkamp, Samantha (13 April 2017). "McDonald's CEO Easterbrook sees pay package nearly double to $15.4 million". Chicago Tribune. Retrieved 6 January 2018.
  10. ^ "Former McDonald's CEO Steve Easterbrook Invests in Project Pollo | QSR magazine". www.qsrmagazine.com. 20 September 2022. Retrieved 28 September 2023.
  11. ^ Haddon, Heather (4 November 2019). "McDonald's Fires CEO Steve Easterbrook Over Relationship With Employee". Wall Street Journal.
  12. ^ "McDonald's CEO steps down after relationship with employee". Evening Express. 3 November 2019. Retrieved 3 November 2019.
  13. ^ Enrich, David; Abrams, Rachel (10 August 2020). "McDonald's Sues Former C.E.O., Accusing Him of Lying and Fraud". The New York Times.
  14. ^ Gelles, David; Creswell, Julie (16 December 2021). "Former McDonald's C.E.O. Repays Company $105 Million". The New York Times. ISSN 0362-4331. Retrieved 22 December 2021.
  15. ^ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (10 January 2023). "McDonald's Former C.E.O. Pays for a Workplace Scandal". The New York Times. ISSN 0362-4331. Retrieved 28 September 2023.
  16. ^ Saul, Derek. "SEC Charges Former McDonald's CEO Easterbrook For Lying About Extent Of Workplace Misconduct". Forbes. Retrieved 28 September 2023.
  17. ^ Duke, Simon (7 January 2018). "Steve Easterbrook: The wizard from Watford shaking up McDonald's". The Sunday Times. Retrieved 19 June 2019.
  18. ^ Robertson, Jamie (29 January 2015). "Steve Easterbrook's new McJob". BBC. Retrieved 29 January 2015.
Business positions
Preceded by CEO of McDonald's
2015–2019 		Succeeded by
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