McDonald’s has fired its chief executive Steve Easterbrook after he had a relationship with an employee.
The US fast food giant said the relationship was consensual, but Mr Easterbrook had “violated company policy” and shown “poor judgement”.
The British businessman, who earned nearly $16m (£12.3m) last year, is due to receive 26 weeks of severance.
The value of the pay off was not clear. He is also eligible for a bonus, if the firm hits its performance goals.
In exchange, Mr Easterbrook has agreed not to work for a competitor for at least two years.
In an email to staff, Mr Easterbrook acknowledged the relationship and said it was a mistake.
”Given the values of the company, I agree with the board that it is time for me to move on,” he said.