Steve Easterbrook, the previous McDonald’s CEO is likely to bag $70 Million worth of shares and options as a fraction of being cast out from the firm over a consensual relationship with a worker, as reported by CBS News. The 8-digit payment would come even though the fast-food giant admitted that the Easterbrook “disobeyed company laws” and “showed poor judgment” by involving in a relationship with a staffer. Besides that, the previous burger bigwig will be receiving $700,000 as cash severance, or 6 months salary.
Brian Foley, a veteran pay consultant, said, “This is not the way one would do if the board wished to convey the point that this kind of conduct is not acceptable at McDonald’s. It is a slap on the wrist.” During the subsequent 3 years, the restricted options and stock could drop or rise in worth, based on how the firm fares. If it achieves specific financial goals over that duration, gold pot of Easterbrook could increase to $85 Million, as per the outlet.
The board of directors of McDonald settled on to tag Easterbrook’s compelled way out as “without cause”—implying he was capable of keeping several of his stock options. According to the outlet, if he had been cast out for “cause,” he would not have pocketed the restricted stock & options and the severance. The severance policy of the firm for execs delineates a for “cause” exit as when there is: “defiance of McDonald’s rules of business conduct or other service policies.” As per the firm’s policy, executives are prohibited from getting involved in romantic connections with workers.
Likewise, Massachusetts Mutual Life Insurance Company (MassMutual) also declared that its Board of Directors has sanctioned a projected dividend payout of $1.7 Billion in 2020 to qualified participating members and policy owners. Though dividends are not assured, policy owners are being given dividends by MassMutual every year since 1869.
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