Steve Easterbrook is gone at McDonald's Corporation (NYSE: MCD)
On Sunday afternoon, McDonald's announced its board of director's determined Easterbrook violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee.
"I engaged in a recent consensual relationship with an employee, which violated McDonald's policy. This was a mistake," Easterbrook said in an email to staff.
“Given the values of the company, I agree with the board that it is time for me to move on. Beyond this, I hope you can respect my desire to maintain my privacy,” Easterbrook said in the email, according to Financial Times.
He had served as CEO since March 2015.
Chris Kempczinski, most recently President, McDonald's USA, will take over as President and CEO, effective immediately.
"As one of the world's leading brands, McDonald's makes a difference in the lives of people every day,"Kempczinski said in a press release. "We have a responsibility not only to serve great food, but to make it responsibly and to enrich the communities in which we operate. I am energized by this challenge and look forward to guiding McDonald's continued success."
Kempczinski has been with the company since 2002.
McDonald's said this transition is unrelated to the company's operational or financial performance.
McDonald's stock closed Friday session at $193.93 per share. The stock traded around $95 a share when Easterbrook took over in 2015.
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