1/9, 3:35 PM (Source: TeleTrader)
more TeleTrader news

Former McDonald's CEO charged for public disclosure violations

The Securities and Exchange Commission (SEC) announced Monday that it had charged Former McDonald's CEO Stephen J. Easterbrook with fake and deceptive statements regarding his termination in November 2019.

According to the SEC, McDonald's terminated Easterbrook for his insufficient assessment and for "engaging" in an improper relationship with an employee, violating the company's policy. "However, McDonald's and Easterbrook entered into a separation agreement that concluded his termination was without cause." The latter, allowed him to keep significant "equity compensation that otherwise would have been forfeited." Besides, Easterbrook engaged in a relationship with a second employee.

"When corporate officers corrupt internal processes to manage their personal reputations or line their own pockets, they breach their fundamental duties to shareholders, who are entitled to transparency and fair dealing from executives," stressed Gurbir S. Grewal, Director of the Division of Enforcement.

Baha Breaking News (BBN) / JG