McDonald’s Corporation Addresses SEC Resolution
January 09, 2023
The Commission recognized both the Company’s substantial cooperation and action taken by the Company to recover value for its shareholders and imposed no monetary penalty on McDonald’s
CHICAGO, January 9, 2023 – McDonald’s Corporation (NYSE: MCD) today issued the following statement in response to its resolution with the U.S. Securities and Exchange Commission (the “SEC”):
“As the SEC announced today, McDonald’s reached an agreement with the SEC concerning issues with its disclosures relating to the process behind Steve Easterbrook’s separation from the Company. The Commission recognized the Company’s substantial cooperation as well as the affirmative action taken by the Company to recover value for its shareholders by suing Easterbrook, and it therefore imposed no monetary penalty on McDonald’s.
“The SEC’s Order reinforces what we have previously said: McDonald’s held Steve Easterbrook accountable for his misconduct. We fired him, and then sued him upon learning that he lied about his behavior. As a result of that lawsuit, Mr. Easterbrook last year returned equity awards and cash then valued at $105 million which he would have forfeited had he been truthful about his misconduct at the time of his termination and, as a result, been terminated for cause.
“The Company continues to ensure our values are part of everything we do, and we are proud of our strong ‘speak up’ culture that encourages employees to report conduct by any employee, including the CEO, that falls short of our expectations.”