McDonald's Corporation (MCD) - Get McDonald's Corporation Report revealed Sunday that it's breaking up with its now-former chief executive and president Steve Easterbrook after "he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee," said the company.
Chris Kempczinski is taking over the chief executive and president role, said the company. Kempczinski, former president of McDonald's USA, has also been elected to the board.
Joe Erlinger has been named president of McDonald's USA. He was previously president of international operated markets, where he oversaw McDonald's wholly-owned markets outside the U.S.
Joining the fast-food chain in 2015, Kempczinski had been responsible for McDonald's business operations of approximately 14,000 U.S. restaurants.
McDonald's says the "leadership transition is unrelated to the Company's operational or financial performance."
In the company's third quarter earnings release last month, it reported that earnings per share of $2.11 were flat with the prior year. That number missed the Street's consensus forecast of $2.21 per share.
Consolidated revenues, meanwhile, increased $61.2 million or 1% to $5.4 billion and systemwide sales increased $1.3 billion or 5% to $26 billion.