SEC Charges Former McDonalds CEO

Former McDonalds CEO Steve Easterbrook agreed to a five-year bar from serving as an officer or director of a public company, to resolve a regulatory investigation over allegedly misleading statements he made about having sexual relationships with employees.

Mr. Easterbrook also agreed to pay a $400,000 fine without admitting or denying the Securities and Exchange Commission’s fraud claims against him, the agency said Monday. McDonald’s also agreed to settle the SEC’s investigation of its conduct, which stemmed from how it described Mr. Easterbrook’s separation from the company in an annual proxy statement for shareholders.

Mr. Easterbrook led McDonald’s from 2015 until he was fired by the company in 2019, when McDonald’s said that Mr. Easterbrook had violated company policy on personal conduct because of a consensual relationship with an employee. McDonald’s later said that a further investigation found that Mr. Easterbrook engaged in multiple improper relationships with company employees.

Source: Wall Street Journal