McDonald's chief people officer after the CEO fired

CHICAGO – McDonald's has lost another top executive.

The Chicago-based burger giant confirmed Monday that Chief People Officer David Fairhurst has left the company, effective immediately.

McDonald's would not say whether Fairhurst's departure was linked to the firing of CEO Steve Easterbrook. The company announced Sunday that Easterbrook was fired for violating the company's policy by having a consensus relationship with an employee.

In a filing with the US Securities and Exchange Commission, McDonald's said Easterbrook will receive 26 weeks' salary, but will lose millions of unvested stock options as part of his fee agreement.

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Easterbrook's compensation for 201[ads1]8 was $ 15.9 million. It included $ 1.3 million in salary and the rest in stock options and incentive payments.

Under his fee agreement, Easterbrook will be eligible for a proportionate incentive payment for the 2019 fiscal year. He may also exercise stock options that have distributed or will vest within three years.

By the end of 2018, Easterbrook had unvested options worth $ 21.8 million.

Easterbrook is also prohibited from working for a competitor for two years. [19659002] McDonald's board appointed Chris Kempczinski as the company's new president and CEO. Kempczinski recently served as President of McDonald's US Division.

McDonald's said Monday that Kempczinski's base salary will be $ 1.25 million, or 58% higher than his 2018 compensation.

Analysts said Monday that Kempczinski – who came with McDonald's from Kraft in Power in 2015 – will likely follow the path laid out by Easterbrook, including redesigning American stores to make them more digitally savvy and testing voice-based technology by drive-thrus.

"We believe these initiatives will remain largely unchanged and Mr. Kempczinski & # 39; s legacy will depend on his ability to generate traffic growth in the United States, which neither of his two predecessors was able to achieve," said BTIG CEO Peter Saleh in a note to investors.

McDonald's shares fell 3% to $ 188.72 early afternoon trading.

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