Home / Business / Retail / Chipotle is earnest to compensate top executives up to $1 million if they don’t embankment the sequence before it finds a new CEO (CMG)

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

Chipotle BurritoChipotle.Hollis Johnson

  • Chipotle is earnest executives major bonuses if they don’t quit while the company looks for a new CEO.
  • Chipotle’s CFO is set to make $1 million if he stays at Chipotle for one year after the sequence replaces founder 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 ship before the struggling burrito sequence finds a new CEO. 

Chipotle Steve EllsChipotle founder 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 convince them to stay at the sequence as it searches for a deputy for founder Steve Ells. 

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

CMO Mark Crumpacker is set to accept $600,000 on the one-year anniversary of the 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 plans to step down as it starts its hunt for a new CEO. According to Chipotle, the company is looking for “a new personality with demonstrated turnaround imagination to help residence the hurdles confronting the company, urge execution, build patron trust, and drive sales.” 

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

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