NEWPORT BEACH, Calif.,
March 6, 2020 /PRNewswire/ --
Chipotle Mexican Grill, Inc. (NYSE: CMG) announced that, on
March 3, 2020, its Board of
Directors appointed Brian Niccol,
the Company's Chief Executive Officer, to the additional position
of Chairman of the Board of Directors, effective immediately. As a
result, Chipotle's founder, Steve
Ells, has relinquished the position of Executive Chairman
and has stepped down as a director. Neil
Flanzraich will continue to serve as Lead Independent
Director.
Mr. Flanzraich, speaking on behalf of the Board of Directors,
said, "Steve Ells is a visionary
founder who not only created a new and successful brand, but also
revolutionized casual dining in 1993 with the introduction of
Chipotle and the concept of food with integrity. We are grateful
for all that Steve has done for Chipotle, including helping build
and guide the current leadership team, and for his service as
Executive Chairman during the last two years."
"I am grateful to Steve for his mentorship and guidance since I
joined Chipotle two years ago," said Mr. Niccol. "Our key
strategies are working, and I am proud of the results the team has
achieved. We are building a sustainable model to cultivate a better
world, while enhancing value for our shareholders."
Mr. Ells said, "Brian has proven that he is absolutely the right
person to lead Chipotle forward and I've never been more confident
about the future of this great company. I am especially grateful to
the employees and our valued customers over the last 27 years who
helped make Chipotle the unmatched brand in fast casual dining it
is today. I look forward to following Chipotle's continued growth
and success for many years to come."
The Board today also announced that directors Matthew Paull and Paul
Cappuccio will not stand for re-election to the Board at the
2020 Annual Meeting of Shareholders.
Mr. Niccol added, "Matt and Paul have been vital members of the
Board through a transformational time in the company's history.
Their strategic maturity and clear-eyed business experience have
benefited this company tremendously."
With the Board composition changes announced today and following
the 2020 Annual Meeting, the Chipotle Board will be comprised of
seven directors, six of whom are independent. The Board is
committed to ongoing director refreshment and continues to consider
new, qualified and independent directors.
ABOUT CHIPOTLE
Chipotle Mexican Grill, Inc. (NYSE:
CMG) is cultivating a better world by serving responsibly sourced,
classically-cooked, real food with wholesome ingredients without
artificial colors, flavors or preservatives. Chipotle had over
2,600 restaurants as of December 31, 2019, in the United
States, Canada, the United
Kingdom, France and Germany and is the only
restaurant company of its size that owns and operates all its
restaurants. With more than 83,000 employees passionate about
providing a great guest experience, Chipotle is a longtime leader
and innovator in the food industry. Chipotle is committed to making
its food more accessible to everyone while continuing to be a brand
with a demonstrated purpose as it leads the way in digital,
technology and sustainable business practices. Steve Ells,
founder and executive chairman, first opened Chipotle with a single
restaurant in Denver, Colorado in 1993. For more
information or to place an order online,
visit WWW.CHIPOTLE.COM.
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SOURCE Chipotle Mexican Grill, Inc.