McDonald's suffered a $4 billion loss in market value overnight after investors balked at the dismissal of CEO Steve Easterbrook for having a consensual relationship with an employee that violated company policy. Easterbrook's firing over the weekend caused McDonald's shares to slide as much as 3 per cent on Monday. Piper Jaffray, anticipating fallout with investors over Easterbrook's firing, also downgraded the company's shares to neutral from overweight. McDonald's shares, which were up 9.2 per cent this year, gained 96 per cent under Easterbrook's leadership. McDonald's last month reported quarterly results that had fallen short of Wall Street estimates for the first time in two years.

Source: Daily Mail November 04, 2019 18:23 UTC