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On Monday, CtW Investment Group and New York City Comptroller Scott Stringer will release a letter calling for McDonald s Chairman Enrique Hernandez, Jr. and Compensation Committee Chair Richard Lenny to be removed from the board.
The investors are calling for Hernandez and Lenny s removal because they consider them most responsible for the Board s flawed and mismanaged investigation into former CEO Steve Easterbrook, according to a copy of the letter viewed by Insider.
In a statement on the letter, a McDonald s representative said the board is committed to ongoing Board refreshment and that the company is fully investigating all allegations of misconduct by Easterbrook.
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Dec. 18, 2020
Investors, who hold less than 1% of McDonald s shares, are calling for the resignation of the chain s board chair as well as the compensation committee chair in regard to alleged mishandling of an investigation into the actions of former CEO Steve Easterbrook, according to Bloomberg.
The group holds about 4.5 million McDonald s shares, but the New York City Comptroller and Connecticut Treasurer, who oversee each region s retirement systems, also signed the letter.
The company then said he concealed evidence from independent counsel and sued to get the severance pay back, though Easterbrook has said the company knew about those other relationships when negotiating his severance.
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When asked about the letter, McDonald’s said its board “maintains an active and engaged dialog” with shareholders and other stakeholders.
“The board believes that there should be a balance of institutional knowledge and fresh perspectives among its directors and remains committed to ongoing board refreshment. With the help of outside counsel, the board is fully investigating all allegations of misconduct by Mr. Easterbrook, including his lies and deceptions, and has taken swift and unprecedented actions to address them,” the company said in an emailed statement.
The investor push for accelerated board turnover follows a year of internal turmoil at the restaurant giant even as operations have recovered quickly from the pandemic given the chain’s strong drive-thru and take-out model. Shares are up about 56% from a March low as the virus hit the U.S.
McDonald s investors call for resignations over ex-CEO Easterbrook handling chicagobusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chicagobusiness.com Daily Mail and Mail on Sunday newspapers.