Paul Cappuccio, Robin Hickenlooper, Ali Namvar and Matthew Paull
Join Chipotle Board of Directors
Chipotle Mexican Grill (NYSE: CMG) has named four new members to
its Board of Directors: Paul T. Cappuccio, Robin S. Hickenlooper,
Ali Namvar and Matthew Paull, effective December 14, 2016. The new
Directors will serve an initial term through Chipotle’s 2017 Annual
Meeting of Shareholders, and the Board of Directors currently
consists of twelve members.
“Chipotle has enjoyed extraordinary success for most of our
23-year history, and it is important to us that we structure the
company to enjoy similar success in the future,” said Steve Ells,
Founder, Chairman and CEO of Chipotle. “The addition of these new
directors strengthens our Board of Directors, and gives us the
oversight, accountability and leadership we need as we continue our
efforts to reestablish Chipotle as the leader we have been for much
of our history.”
Pershing Square Capital Management, L.P. CEO William A. Ackman
said, “We are pleased that Chipotle has taken the important step of
refreshing its Board which will position the company for continued
growth and long-term success. We look forward to working with the
Board and management to create sustained value for all shareholders
for many years to come.”
In connection with the appointments, Chipotle and Pershing
Square have agreed to various provisions continuing at least until
prior to the 2019 Annual Meeting of Shareholders. The full
agreements with Pershing Square will be filed in a Current Report
on Form 8-K with the Securities and Exchange Commission (the
“SEC”).
ABOUT THE NOMINEES
Mr. Cappuccio has served as Executive Vice President and General
Counsel of Time Warner since 2001. In this capacity, he oversees
the worldwide management of Time Warner’s legal functions,
collaborating with all of its operating businesses. From 1999 to
2001, Mr. Cappuccio was Senior Vice President and General Counsel
at America Online. Before joining AOL, he was a Partner at the
Washington, DC office of law firm Kirkland & Ellis, where he
specialized in telecommunications law, appellate litigation, and
negotiation with government agencies. From 1991 to 1993, Mr.
Cappuccio was Associate Deputy Attorney General at the United
States Department of Justice, where he advised Attorney General
William P. Barr on matters relating to judicial selection, civil
litigation, antitrust and civil rights. Prior to his service at the
DOJ, Mr. Cappuccio served as law clerk at the United States Supreme
Court for Justices Antonin Scalia and Anthony M. Kennedy, and as a
law clerk to Judge Alex Kozinski of the United States Court of
Appeals for the Ninth Circuit in Pasadena, Calif. He earned his law
degree from Harvard Law School in 1986, and a Bachelor’s degree
from Georgetown University in 1983. Mr. Cappuccio brings
significant large public company experience to the board, including
significant transactional, financial, strategic, and corporate
governance experience.
Mrs. Hickenlooper, Senior Vice President of Corporate
Development at Liberty Global, has served in senior corporate
development roles at Liberty since 2010. She also serves as Senior
Vice President of Corporate Development for Liberty Media. Prior to
joining Liberty, she worked in the strategic planning and business
development group at Del Monte Foods and in investment banking at
Thomas Weisel Partners. Mrs. Hickenlooper holds a Master’s degree
in Business Administration from the Kellogg School of Management,
and a Bachelor’s degree in Public Policy from Duke University. Mrs.
Hickenlooper brings to the board significant corporate development
and financial expertise.
Mr. Namvar is a Partner at Pershing Square Capital Management,
L.P., a registered investment advisor with more than $11 billion in
assets under management and currently Chipotle’s largest investor.
Mr. Namvar joined Pershing Square in 2006 and has been a major
contributor to the firm’s growth. He brings more than a decade of
experience investing in publicly traded, branded consumer products
and restaurant companies. Mr. Namvar has played an instrumental
role in a number of Pershing Square investments over the years,
including its significant equity stakes in Fortune Brands, Beam,
McDonald’s, Procter & Gamble, Wendy’s International, Kraft
Foods and Mondelez International, among others. Prior to joining
Pershing Square, Mr. Namvar served as a Vice President at the
Blackstone Group in its corporate advisory practice, where he
advised corporate boards and investment firms on a wide range of
shareholder value-enhancing transactions. Prior to joining
Blackstone, Mr. Namvar worked in the investment banking division at
Goldman Sachs. He graduated magna cum laude with a Bachelor of Arts
degree from Columbia University, New York, and earned his Master’s
degree in Business Administration from the Wharton School at the
University of Pennsylvania. Mr. Namvar brings to the board a
significant understanding of strategy, governance and finance
within the restaurant industry.
Mr. Paull was Senior Vice President and Chief Financial Officer
of McDonald’s Corp. from 2001 until he retired from that position
in 2008. Before joining McDonald’s in 1993, Mr. Paull was a Partner
at Ernst & Young, where he managed a variety of financial
practices over the course of his 18-year career, and consulted with
a number of notable multinational companies. Mr. Paull currently
serves as a member of the board of Air Products, where he chairs
the Audit and Finance Committee and is a member of the Corporate
Governance and Nominating Committee and the Executive Committee, a
member of the board of Canadian Pacific where he chairs the Audit
Committee and is a member of the Finance Committee, a member of the
board of KapStone Paper and Packaging Corp., and was a former
member of the board of WMS Industries and Best Buy Co. Mr. Paull
previously served on Chipotle's Board when it was owned by
McDonald’s. He currently serves on the advisory board of Pershing
Square Capital Management, L.P. Mr. Paull holds a Bachelor’s degree
and a Master’s degree in Accounting from the University of
Illinois. Mr. Paull brings to the board significant experience in
the restaurant industry and financial expertise, including deep
understanding of financial markets, corporate finance, accounting
and controls, and investor relations.
ABOUT CHIPOTLE
Steve Ells, Founder, Chairman and CEO, started Chipotle with the
idea that food served fast did not have to be a typical fast food
experience. Today, Chipotle continues to offer a focused menu of
burritos, tacos, burrito bowls, and salads made from fresh,
high-quality raw ingredients, prepared using classic cooking
methods and served in an interactive style allowing people to get
exactly what they want. Chipotle seeks out extraordinary
ingredients that are not only fresh, but that are raised
responsibly, with respect for the animals, land, and people who
produce them. Chipotle prepares its food using whole, unprocessed
ingredients and without the use of added colors, flavors or other
additives typically found in fast food. Chipotle opened with a
single restaurant in Denver in 1993 and now operates more than
2,200 restaurants. For more information, visit Chipotle.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161216005085/en/
Chipotle Mexican GrillChris Arnold,
303-222-5912carnold@chipotle.com
Chipotle Mexican Grill (NYSE:CMG)
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