McDonald's says Easterbrook eligible for six months of severance
(Reuters) - McDonald's Corp said on Monday former Chief Executive Officer Steve Easterbrook was eligible for six months of severance pay, as part of his termination agreement with the company.
(Reuters) - McDonald's Corp
On Sunday, McDonald's, the world's biggest fast-food chain, 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 favor of the company," McDonald's said in regulatory filing. (http://bit.ly/2WOhfaI)
Easterbrook received total compensation of $15.88 million in 2018, according to a filing.
He would get about $675,000 (£522,972) in severance after six months, based on his 2018 base salary of $1.35 million. Easterbrook is also eligible for 18 months of health benefits, the filing showed.
McDonald's said Easterbrook's separation agreement contained a two-year post-termination non-competition clause, which is six months longer and more expansive in scope than his existing agreements.
New CEO Chris Kempczinski will have an annual base salary of $1.25 million, with a target-based bonus of 170% of his annual base salary, McDonald's said.
The Chicago-based company's shares fell over 3% on Monday.
(Reporting by Uday Sampath in Bengaluru; Editing by Bernard Orr and Shounak Dasgupta)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.