McDonald’s Stocks Plummet After Exit of Steve Easterbrook

Steve Easterbrook fired

After the dismissal of Steve Esterbrook, the Wall Street stocks of McDonald’s have plummeted. The 52-year-old president of the world’s largest food chain was fired for having a consensual affair with a subordinate, which is forbidden.

Steve Esterbrook Saved McDonald’s

Under the leadership of the British businessman, McDonald’s has come a long way. According to business experts, when Steve Esterbrook became the president of the world’s largest fast-food chain, the company was in steady decline. In many places, the company had to shut down or close its branches, not to mention the bad reputation the fast-food chain had gained over the years. This bad reputation helped other fast-food chains capitalize and expand at an exponential rate. All of this changed under his leadership, and a breath of fresh air flowed through the company.

Easterbrook’s Contribution to McDonald’s

Under the leadership of Esterbrook, the company worked on improving its image significantly. Simplified menus with better quality ingredients were introduced along with better pays for the employee. The famous artisan grilled chicken was also introduced under his leadership. He further expanded the range of the delivery systems and initiated the online mobile banking system for ease of customer payment.

 The Brit joined the fast-food chain in 1993 as a branch manager in London and worked his way up to the top. In 2011 he left the company to head Pizza Express and then left to head Asian food chain before returning back to the golden arch as the northern European and UK head. In 2015 he became the chief executive of the fast-food company and finally became the president. The father of three moved to the US after his separation from his British wife.

The 52 years old in an email to his staff expressed his sorrow over what had happened and requested them not to be heartbroken over his departure. He further advised them to adhere to the company policies and work hard. According to the company’s press release, Chris Kempczinski will replace him as the new CEO.

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