Home / FINANCE / Chipotle is earnest to compensate tip executives adult to $1 million if they don’t embankment a sequence before it finds a new CEO (CMG)

Chipotle is earnest to compensate tip executives adult to $1 million if they don’t embankment a sequence before it finds a new CEO (CMG)

Chipotle BurritoChipotle.Hollis Johnson

  • Chipotle is earnest executives vital bonuses if they don’t quit while a association looks for a new CEO.
  • Chipotle’s CFO is set to make $1 million if he stays during Chipotle for one year after a sequence replaces owner Steve Ells with a new CEO. 
  • The company’s CMO, who was formerly placed on a three-month leave after being arrested on charges of heroin possession, will accept a $600,000 bonus. 

 

Chipotle is profitable some-more than $1.6 million to make certain executives don’t burst boat before a struggling burrito sequence finds a new CEO. 

Chipotle Steve EllsChipotle owner and CEO Steve Ells.AP Images

On Friday, Chipotle reported in an SEC filing that it had entered into influence agreements with certain executives to remonstrate them to stay during a sequence as it searches for a deputy for owner Steve Ells. 

As partial of a agreement, Chipotle will compensate CFO Jack Hartung $1 million if he stays during Chipotle for one year following a appointment of a new CEO.

CMO Mark Crumpacker is set to accept $600,000 on a one-year anniversary of a appointment of Ells’ replacement. Crumpacker had formerly taken a three-month leave of deficiency in 2016 after being arrested on charges of heroin possession. 

Chipotle announced in Nov that Ells skeleton to step down as it starts a hunt for a new CEO. According to Chipotle, a association is looking for “a new personality with demonstrated turnaround imagination to assistance residence a hurdles confronting a company, urge execution, build patron trust, and expostulate sales.” 

Chipotle has struggled since an E. coli predicament dual years ago gathering business divided from a chain. Shares of a association are down some-more than 60% given peaking in Aug 2015.

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