(Reuters) - McDonald's Corp
On Sunday, McDonald's said it had dismissed Easterbrook over a recent consensual relationship with an employee, which the board determined violated company policy.
"In consideration for (severance) benefits, Mr. Easterbrook has agreed to a release of claims in favour of the company, to cooperate with the company following his termination," McDonald's said in regulatory filing https://www.sec.gov/Archives/edgar/data/63908/000089882219000080/0000898822-19-000080-index.htm.
Easterbrook received total compensation $15.88 million in 2018, according to a regulatory filing. The value of the severance package was not immediately clear.
McDonald's also said Easterbrook's separation agreement contained a two-year post-termination non-competition covenant, which is six months longer and more expansive in scope than his existing agreements.
New CEO Chris Kempczinski will have a annual base salary of $1.25 million, with a target-based bonus of 170% of his annual base salary, McDonald's said.
(Reporting by Uday Sampath in Bengaluru; Editing by Bernard Orr)
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Updated Date: Nov 05, 2019 00:07:31 IST