Chipotle Founder Says Company to Announce New Board Members
December 06 2016 - 9:50AM
Dow Jones News
Chipotle Mexican Grill Inc. Co-Chief Executive Steve Ells told
investors on Tuesday that the company plans to make an announcement
soon about a new slate of board members.
The burrito chain has struggled after a series of disease
outbreaks last year and has come under the scrutiny of activist
shareholder William Ackman. Mr. Ackman has been actively looking to
refresh its board, which is made up of board members who have
served for years.
Mr. Ackman, whose Pershing Square Capital Management LP
disclosed a 9.9% stake in Chipotle in September, has been seeking a
say in the boardroom.
While Mr. Ells wouldn't say whether Mr. Ackman will get a board
seat for himself or someone of his choosing, he acknowledged the
criticism of the board, saying he understands the complaints about
directors' tenure.
He said the company and Mr. Ackman agree on what needs to happen
at Chipotle to improve sales. "We don't have any fundamental
disagreements about the state of the business and what the
opportunities are," he said during a Barclays investor
conference.
Write to Julie Jargon at julie.jargon@wsj.com
(END) Dow Jones Newswires
December 06, 2016 09:35 ET (14:35 GMT)
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