Steve Easterbrook, the CEO of global fast-food chain McDonald’s, has been sacked by the company.
Easterbrook was let go for having an affair 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 pay.
The full value of the deal 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.
The company’s top human resources officer has also left the company, McDonald’s said.
Mr Easterbrook, 52, who is divorced, first worked for McDonald’s in 1993 as a manager in London before working his way up the company.
He left in 2011 to become boss of Pizza Express and then Asian food chain Wagamama, before returning to McDonald’s in 2013, eventually becoming its head in the UK and northern Europe.
He was appointed chief executive of McDonald’s in 2015.