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Steve Easterbrook
Steve Easterbrook
Steve Easterbrook
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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.

Key Information

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. McDonald's 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]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Steve Easterbrook

View on Grokipedia
from Grokipedia
Steve Easterbrook is a British business executive who served as president and of Corporation from March 2015 to November 2019. During his tenure, he spearheaded the company's "Turnaround Plan," a strategic overhaul that simplified operations, emphasized through innovations like all-day menus and delivery partnerships, and drove significant improvements in global sales and stock performance. However, Easterbrook was dismissed without cause after disclosing a consensual romantic relationship with a subordinate, which violated McDonald's non-fraternization policy. Born on 6 August 1967 in , , Easterbrook attended and earned a degree in natural sciences from St Chad's College at . He subsequently trained as a with PricewaterhouseCoopers before joining in 1993 as a financial reporting manager in . Rising quickly through the ranks, he became chief executive of UK in 2006, overseeing more than 1,200 restaurants, and was appointed president of Northern Europe in 2007, managing operations across 1,800 locations in five countries. In 2011, he left to serve as chief executive of until 2012 and then as chief executive of , before rejoining in 2013 as global chief brand officer. Easterbrook's departure from in 2019 was followed by further repercussions when a 2020 internal investigation uncovered additional undisclosed relationships with employees and evidence of concealment, including deleted electronic records. This led to sue him in 2021 for and fiduciary duty; the was resolved later that year with Easterbrook returning over $105 million in cash and equity awards. In January 2023, the U.S. Securities and Exchange Commission charged him with making false and misleading statements to the agency regarding the reasons for his termination, resulting in a $400,000 and a five-year ban from serving as an officer or director of a .

Early life and personal background

Early life

Stephen James Easterbrook was born on August 6, 1967, in , , . He grew up in the town, where he spent his formative years immersed in local community life. Easterbrook attended , a selective known for its academic rigor. During his school years in the late 1970s and early 1980s, he developed an early passion for football, regularly spending Saturdays watching matches at as a devoted supporter of . These outings often culminated in visits to the local , marking some of his initial encounters with the fast-food chain. Following his secondary education, Easterbrook pursued higher studies at .

Education

Easterbrook attended prior to university. He enrolled at St Chad's College, , in the mid-to-late 1980s and completed a (BSc) degree in Natural Sciences. During his studies, Easterbrook was involved in extracurricular activities, notably cricket, where he excelled as a left-arm spin bowler and played on the university team alongside future England captain Nasser Hussain. The interdisciplinary nature of Durham's Natural Sciences program, which encompasses subjects such as physics, chemistry, and biology, equipped Easterbrook with strong analytical and problem-solving skills that informed his subsequent pivot toward business and management roles.

Personal life

Easterbrook was previously married to Susie Jennings, with whom he shares three daughters; the couple divorced around 2015 shortly after his relocation to the for professional reasons. In a 2010 interview, he noted that his children visited two to three times a month, reflecting a family routine at the time. He currently resides in Illinois, where he has been based since moving to the Chicago area in the mid-2010s. Easterbrook maintains a lifelong passion for Watford FC, an interest that began during his youth in the town, and he has openly identified as a fan in public forums, including his Twitter profile and various interviews.

Career

Early career

Easterbrook began his professional career after completing his education, initially training as an accountant with the firm Price Waterhouse. In 1993, he joined as a financial reporting manager in , marking the start of his long association with the company. Over the next several years, he progressed through various operational and field roles in McDonald's , including positions in and regional oversight, such as for the southern region by 2001. By 2006, Easterbrook had risen to become chief executive of McDonald's , where he led efforts to revitalize the business amid competitive pressures in the fast-food sector. His tenure in these early to mid-level roles built a foundation in operational efficiency and regional management, drawing on his background in natural sciences and to inform strategic business decisions. In 2011, after 18 years with McDonald's, Easterbrook departed the company.

Executive roles outside McDonald's

After leaving in 2011 following nearly two decades with the company, Steve Easterbrook assumed the role of chief executive officer at , a prominent UK-based Italian casual dining chain owned by Gondola Holdings. In this position from August 2011 to July 2012, he was tasked with driving expansion, including plans to open an additional 200 sites beyond the existing approximately 400 restaurants in the UK, while overseeing menu innovation and brand strategy to enhance . His tenure, though brief, focused on leveraging operational efficiencies drawn from his fast-food experience to support the chain's growth ambitions in a competitive dining sector. During this period, continued its expansion, opening new locations as part of ongoing growth plans. In August 2012, Easterbrook transitioned to the CEO position at , a noodle bar chain emphasizing Asian-inspired , succeeding interim leadership after the company's acquisition by Duke Street Capital. During his approximately eight-month stint until April 2013, he prioritized accelerating domestic expansion, aiming to increase the footprint from around 80 locations toward greater in casual dining, while maintaining the brand's focus on fresh, fast service and experiential dining. Easterbrook's leadership contributed to sustained brand momentum, building on prior growth trajectories and positioning for international opportunities, including early market entry. These roles at and provided Easterbrook with valuable insights into diverse casual dining models, complementing his McDonald's background in high-volume operations. No other significant executive or board positions outside McDonald's are recorded during this 2011–2013 period. In April 2013, he returned to McDonald's as global chief brand officer, based in the headquarters.

McDonald's CEO tenure

Steve Easterbrook was appointed president and of Corporation on March 1, 2015, succeeding Don Thompson. His prior executive role as CEO of in the , where he successfully revitalized operations, informed his approach to the global position. Under Easterbrook's leadership, McDonald's implemented the Velocity Growth Plan in 2017, a strategic framework aimed at accelerating growth through three key accelerators: enhancing the customer experience, building a digital ecosystem, and driving operational excellence. This included menu simplification to streamline operations and improve service speed, the rollout of digital ordering via mobile apps and kiosks, and expanded delivery partnerships, such as with Uber Eats, which began in select markets in 2017 and grew to cover thousands of locations by year-end. These initiatives sought to modernize the brand and cater to evolving consumer preferences for convenience and customization. Easterbrook's tenure saw notable financial gains, with McDonald's stock price nearly doubling from approximately $95 per share in March 2015 to around $190 by November 2019, outperforming many peers and reflecting investor confidence in the turnaround efforts. His 2016 compensation totaled $15.4 million, including a base salary of $1.3 million, $9 million in stock and options, and $4.6 million in incentives, marking a significant increase tied to early performance improvements. To reinvigorate the brand, Easterbrook oversaw operational adjustments, including the introduction of all-day breakfast in October 2015 to boost sales, followed by scaling back the offering in 2019 by granting franchisees flexibility to limit items and prioritize speed of service amid complaints about kitchen complexity. He also accelerated refranchising, converting about 3,500 company-owned restaurants to franchise operations between 2015 and 2018, increasing the franchised proportion to 90% and aiming to foster greater stability and alignment with operators. On November 3, 2019, Corporation announced the termination of Steve Easterbrook as CEO and president, stating that he had violated company policy by engaging in a consensual relationship with an employee. The board cited this as an exercise of poor judgment that breached the company's standards of business conduct, leading to his immediate departure; he was succeeded by . In August 2020, filed a civil lawsuit against Easterbrook in the , alleging that he had concealed evidence of multiple sexual relationships with subordinate employees during an internal investigation following his 2019 exit. The suit claimed fraud, , and , asserting that Easterbrook lied about the scope of his misconduct to secure a valued at approximately $42 million, including stock awards and cash incentives. sought to claw back these payments, arguing that the relationships violated policies prohibiting personal involvement with direct reports. The lawsuit reached a settlement on December 16, 2021, under which Easterbrook agreed to repay more than $105 million in equity awards, stock options, and performance incentives he had received upon departure. As part of the agreement, he issued a public apology to , acknowledging that he had not been fully candid about his relationships and expressing regret for the impact on the company and its employees. described the resolution as closing the matter while reinforcing its commitment to ethical standards and workplace integrity. In January 2023, the U.S. Securities and Exchange Commission (SEC) charged Easterbrook with making false and misleading statements to investors regarding the reasons for his 2019 termination, in violation of federal securities laws. The SEC alleged that public disclosures minimized the extent of his misconduct, including additional undisclosed relationships, thereby deceiving shareholders about material risks to . Without admitting or denying the findings, Easterbrook consented to a cease-and-desist order, paying a $400,000 and accepting a five-year ban from serving as an officer or director of any . Post-settlement, the episode has underscored broader implications for executive accountability in corporate America, with emphasizing ongoing enhancements to its compliance programs and zero-tolerance policies on workplace relationships. No further legal actions against Easterbrook have been reported as of November 2025, though the SEC ban continues to limit his involvement in public-sector leadership roles.

References

  1. https://www.theguardian.com/business/2015/jan/29/mcdonalds-new-chief-executive-steve-easterbrook
  2. https://www.nytimes.com/2015/05/05/business/mcdonalds-chief-promises-turnaround-in-a-restructuring.html
  3. https://www.bbc.com/news/business-50283720
  4. https://www.britannica.com/money/Steve-Easterbrook
  5. https://www.bbc.com/news/business-31034874
  6. https://www.businessinsider.com/everything-you-need-to-know-about-mcdonalds-new-ceo-steve-easterbrook-2015-1
  7. https://www.campaignlive.co.uk/article/mcdonalds-former-boss-joins-wagamama/1143976
  8. https://www.npr.org/2021/12/16/1064943356/mcdonalds-ceo-settlement
  9. https://corporate.mcdonalds.com/corpmcd/our-stories/article/resolve-lawsuit.html
  10. https://www.sec.gov/newsroom/press-releases/2023-4
  11. https://www.thetimes.com/business-money/article/steve-easterbrook-the-wizard-from-watford-shaking-up-mcdonalds-qjkv6r8ll
  12. https://www.theguardian.com/business/2008/may/16/fooddrinks.mcdonalds
  13. https://www.mirror.co.uk/news/business/british-mcdonalds-ceo-steve-easterbrook-5068132
  14. https://www.cnbc.com/2015/01/29/who-is-mcdonalds-new-british-ceo.html
  15. https://www.forbes.com/profile/stephen-easterbrook/
  16. https://www.bloomberg.com/news/features/2019-09-25/steve-easterbrook-wants-mcdonald-s-to-think-like-silicon-valley
  17. https://www.telegraph.co.uk/business/2020/08/11/mcdonalds-steve-easterbrook-left-rue-fall-grace/
  18. https://www.ft.com/content/6108a7e2-a283-11e4-aba2-00144feab7de
  19. https://www.dailymail.co.uk/news/article-11618409/Former-McDonalds-boss-Steve-Easterbrooks-rise-fall-grace.html
  20. https://marketrealist.com/p/steve-easterbrook-relationships/
  21. https://www.watfordobserver.co.uk/news/11760653.mcdonalds-appoint-steve-easterbrook-watford-fc-fan-and-former-watford-grammar-school-for-boys-student-its-new-chief-executive/
  22. https://www.marketingweek.com/easterbrook-to-bring-marketing-expertise-to-role-as-mcdonalds-chief/
  23. https://www.campaignlive.co.uk/article/easterbrook-quits-mcdonalds-pizza-express/1085185
  24. http://www.gondolaholdings.com/downloads/Gondola_AR11_interactive.pdf
  25. https://www.thecaterer.com/news/steve-easterbrook-is-new-ceo-at-wagamama
  26. https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9813182/Wagamama-looks-to-expand-in-the-US.html
  27. https://corporate.mcdonalds.com/corpmcd/our-stories/article/steve_easterbrook_724191402.html
  28. https://www.bloomberg.com/news/articles/2015-01-29/mcdonald-s-promotes-easterbrook-to-supersize-u-k-success
  29. https://www.wsj.com/articles/mcdonalds-new-chief-plots-counter-attack-1425257325
  30. https://www.reuters.com/article/uk-mcdonalds-ceo-idUKKBN0L91SU20150205
  31. https://corporate.mcdonalds.com/corpmcd/our-stories/article/q2_2017_results.html
  32. https://corporate.mcdonalds.com/corpmcd/our-stories/article/q3_2017_results.html
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  36. https://www.nrn.com/restaurant-executives/mcdonald-s-ceo-paid-15-4m-in-2016
  37. https://apnews.com/mcdonalds-ceo-received-compensation-worth-15-4-million-ec0c15fce79240da8a90338a966a43f5
  38. https://www.nbcnews.com/business/business-news/its-official-mcdonalds-confirms-all-day-night-breakfast-n419826
  39. https://www.qsrmagazine.com/uncategorized/offering-restaurants-all-day-breakfast-flexibility/
  40. https://www.wsj.com/articles/mcdonalds-to-speed-refranchising-cut-costs-1430744590
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  42. https://www.cnbc.com/2019/11/03/mcdonalds-steve-easterbrook-is-out-as-ceo-due-to-a-consensual-relationship-with-an-employee.html
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  44. https://www.nytimes.com/2020/08/10/business/mcdonalds-ceo-steve-easterbrook.html
  45. https://www.npr.org/2020/08/10/900831535/silence-and-lies-mcdonald-s-sues-fired-ceo-says-he-hid-sexual-relationships
  46. https://www.cnbc.com/2020/08/10/mcdonalds-sues-former-ceo-easterbrook-alleges-he-lied-about-relationships-he-had-with-workers.html
  47. https://www.reuters.com/business/retail-consumer/mcdonalds-settles-lawsuit-with-ex-ceo-easterbrook-over-alleged-lies-about-2021-12-16/
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  50. https://www.forbes.com/sites/dereksaul/2023/01/09/sec-charges-former-mcdonalds-ceo-easterbrook-for-lying-about-extent-of-workplace-misconduct/
  51. https://www.cnbc.com/2023/01/09/sec-fines-mcdonalds-ex-ceo-steve-easterbrook-misled-investors-about-his-firing.html
  52. https://www.sec.gov/files/litigation/admin/2023/33-11144.pdf
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