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McDonald’s chief executive steps down over relationship with employee

Company policy forbids managers from having romantic relationships with more junior members of staff

McDonald's - McDonald’s chief executive steps down over relationship with employee
Last month the restaurant chain’s quarterly results disappointed investors

McDonald’s Corp’s (NYSE:MCD) said its chief executive and president, Steve Easterbrook has stepped down over a consensual relationship with an employee.

In a statement on Sunday, the fast-food restaurant chain pointed out that company policy forbids managers from having romantic relationships with more junior members of staff.

READ: McDonald's shares dip as hamburger chain fails to keep pace with rivals in 3Q

UK-born Easterbrook, who has been at the helm of the New York-listed firm since 2015, said in an email to colleagues it was a mistake, The Guardian newspaper in London reported.

Chris Kempczinski, previously president at McDonald’s USA, has appointed as the firm's new boss with immediate effect.

“The company confirms that this leadership transition is unrelated to the company's operational or financial performance,” McDonald’s said in a statement.

Last month, the chain’s quarterly results disappointed investors, having reported US$2.11 earnings per share (EPS) on revenue of US$5.4bn, against forecasts of US$2.21 EPS on US$5.5bn sales.

MacDonalds' shares were fairly flat in after-hours trading, at US$194.18, having closed at US$193.94 on Friday.

Quick facts: McDonald's

Price: 184.41 USD

NYSE:MCD
Market: NYSE
Market Cap: $137.12 billion
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