Former McDonald's CEO Steve Easterbrook will receive 26 weeks of severance.
Easterbrook will also receive 26 weeks of severance. Last year, he earned a $15.9 million in total compensation, including a $1.3 million base salary. His successor Chris Kempczinski, who most recently served as head of McDonald's U.S. division, will receive the same annual base salary. Kempczinski could earn up to $2.1 million in annual bonuses.
If McDonald's hits its performance targets for 2019, Easterbrook will also be eligible for a pro-rated payment based on his termination date. In 2018, he earned $2.5 million from non-equity incentive plan compensation. Easterbrook also agreed to a non-disparagement clause. For the next five years, he is barred from publishing any articles or books about McDonald's or giving interviews related to McDonald's without permission from the company's general counsel.
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