Chipotle Mexican Grill CMG co-CEOs Steve Ells and Monty Moran have made headlines in the past with smorgasbord-sized compensation packages.
Last year served up more of the same, despite a thumbs down from shareholders.
Ells received compensation valued at $28.9 million, up 15% from $25.1 million in 2013, while Moran received $28.1 million, vs. $24.4 million in 2013, the fast-food chain said Friday in its annual proxy.
Ells, who founded the company in 1993, pulled in another $41.6 million exercising previously awarded stock options after gaining $41.7 million exercising stock options and another $20.4 million from vested shares in 2013.
Moran, co-CEO since 2009, realized no gains from stock options or restricted shares in 2014 after gaining more than $22 million in equity and profit gains in 2013.
Chipotle’s non-binding say-on-pay vote drew approval of less than 25% share votes last year. Chipotle’s board of directors said it was “naturally very concerned” by the vote and that it changed executive compensation guidelines in early 2015, including cut the value of stock grants.
Read the Full ArticleMembers help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.