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Cramer: Here's why McDonald's Easterbrook is one of the best CEOs around

Watch out Wall Street.

McDonald's CEO Steve Easterbrook is not a business leader to be underestimated, CNBC's Jim Cramer said Tuesday, following the company's first-quarter earnings results.

"He has the franchisees motivated, and I think that really matters," Cramer said on "Squawk on the Street." "This stock, this man, is continually underestimated. ... We better start talking about Easterbrook because Easterbrook delivers. He's one of the better CEOs around."

McDonald's shares were up more than 4 percent Tuesday, trading at an all-time high, after the burger giant reported stronger-than-expected earnings, thanks in part to its all-day menu, new variety of Big Macs and discounted beverages.

(Source: FactSet)

The stock is up about 7 percent over the past month, according to FactSet, and up nearly 9 percent over the past 12 months.

Easterbrook, who took over as CEO in March 2015, said in the earnings release that the company's efforts to "build a better McDonald's are yielding meaningful results."

"There's a sense of urgency across the business as we take actions to retain existing customers, regain lapsed customers and convert casual customers to committed customers," said Easterbrook.

The earnings report came more than a week after Wells Fargo upgraded the fast-food chain as the company moves to mobile order and pay functionality.

—CNBC's Sarah Whitten contributed to this report.