The fast food giant was also charged for public disclosure violations by the US regulator, but was spared any penalties.
The US Securities and Exchange Commission has fined and banned former McDonald’s chief executive Stephen Easterbrook for making alleged false and misleading statements to investors about multiple sex scandals when he was fired in 2019.
The US Securities and Exchange Commission has banned Stephen Easterbrook from being a company director for five years.Mr Easterbrook was president and chief executive of the American fast food company from March 2015 to November 2019 when he was sacked following a sexting scandal. In 2020, the year after Mr Easterbrook’s departure, McDonald’s further investigated and found that he had engaged in multiple other undisclosed, improper relationships with additional McDonald’s subordinates.According to the SEC’s order, Mr Easterbrook knew or was reckless in not knowing that his failure to disclose these additional violations of company policy before his termination would influence McDonald’s disclosures to investors related to his departure and compensation.
“By allegedly concealing the extent of his misconduct during the company’s internal investigation, Mr Easterbrook broke that trust with – and ultimately misled – shareholders,” he said.
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