Chipotle Mexican Grill’s chief financial officer Jack Hartung and chief marketing and strategy officer Mark Crumpacker have been promised bonuses $1 million and $600,000, respectively, to stay in their posts until a year after a new CEO has been appointed, according to documents filed with the Securities & Exchange Commission.
“The retention agreements are intended to encourage the employees’ continued service to Chipotle during the pendency of a search for Chipotle’s next chief executive cfficer,” the company said.
Hartung and Crumpacker would be eligible for the bonuses on the first anniversary of the appointment of a new CEO, provided they aren’t terminated with cause beforehand.
CEO and founder Steve Ells announced his resignation as CEO in November, in the wake of a series of foodborne illnesses linked to the chain in 2015 and subsequent declines in same-store sales in 2016 and sluggish recovery in 2017. According to a company spokeperson, Ells will serve as Chipotle's CEO until a new CEO is named, and will then assume the role of executive chairman of the company.
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