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Steve Easterbrook, McDonald’s former CEO, steps down from Walmart board

Former McDonald’s CEO Steve Easterbrook on Monday resigned from the board of Walmart, effective immediately, a Securities and Exchange Commission filing showed.

Easterbrook’s decision to resign was not due to any disagreement with Walmart, the filing stated. He had been on Walmart’s board since 2018 and served on committees related to compensation, management development, strategic planning, and finance.

His resignation comes as McDonald’s said on Monday it was barring Easterbrook from working for one of its competitors for the next two years as part of his separation agreement, according to a company filing on Monday. Those companies include Chick-fil-A, Yum Brands, Coca-Cola’s Costa, and convenience store chains WaWa and 7-Eleven.

McDonald’s board voted to oust Easterbrook on Friday after he violated company policy by having a relationship with an employee, The company announced the decision Sunday evening. Chris Kempczinski, who most recently served as head of McDonald’s U.S. division, is the fast-food chain’s new chief executive.

Easterbrook will receive 26 weeks of severance. Last year, he earned $15.9 million in total compensation, including a $1.3 million base salary. If McDonald’s hits its performance targets for 2019, Easterbrook will also be eligible for a prorated payment based on his termination date. In 2018, he earned $2.5 million from non-equity incentive plan compensation.

CNBC’s Terri Cullen contributed to this report.

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