McDonald's: shares under pressure after CEO fired
(CercleFinance.com) - McDonald's shares were down almost 2% on Monday after the company said that it has fired its CEO after a consensual relationship with an employee.
Steve Easterbrook 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, the fast food giant said.
"Easterbrook was highly regarded in the investment community and among franchisees, and potential concerns of franchisee sentiment regarding new leadership," Credit Suisse commented.
Easterbrook has been CEO of McDonald's since 2015 and is credited with orchestrating the company's turnaround, leading to 17 consecutive quarters of positive global same-store sales (SSS) growth, one of the group's most important indicators.
The restaurant chain said that it has named Chris Kempczinski, most recently head of McDonald's USA, as its new CEO, effective immediately.
Kempczinski first joined McDonald's in 2015, overseeing global strategy, business development and innovation.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Steve Easterbrook 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, the fast food giant said.
"Easterbrook was highly regarded in the investment community and among franchisees, and potential concerns of franchisee sentiment regarding new leadership," Credit Suisse commented.
Easterbrook has been CEO of McDonald's since 2015 and is credited with orchestrating the company's turnaround, leading to 17 consecutive quarters of positive global same-store sales (SSS) growth, one of the group's most important indicators.
The restaurant chain said that it has named Chris Kempczinski, most recently head of McDonald's USA, as its new CEO, effective immediately.
Kempczinski first joined McDonald's in 2015, overseeing global strategy, business development and innovation.
Copyright (c) 2019 CercleFinance.com. All rights reserved.