Steve Easterbrook, the former McDonald’s chief executive who was fired over a relationship with a subordinate, has forfeited more than $105m to settle one of corporate America’s most extraordinary executive pay battles.

The burger chain on Thursday revealed Easterbrook’s return of awards, which far exceeded the $40m-plus severance package he was granted on his exit in 2019, in a bluntly worded announcement that included a public apology from the British executive.

“This settlement holds Steve Easterbrook accountable for his clear misconduct, including the way in which he exploited his position as CEO,” said Enrique Hernandez, chair of the McDonald’s board, in a statement that said Easterbrook had lied and tried to impede investigations into his actions.

The company said Easterbrook had returned equity awards and cash worth more than $105m “which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause”.

McDonald’s claws back $105m from disgraced former chief Steve Easterbrook | Financial Times