News

Chipotle shareholders on quest to oust board chair

November 4, 2016

Chipotle co-CEO Steve Ells may soon be out of his board chairman job if two of the chain's shareholders get their wish.

Amalgamated Bank and CtW Investment Group filed a shareholder resolution this week to strip Ells of board leadership, according to Reuters.

Chipotle shares are worth less than half as much as they were last summer, dropping to $360, after suffering the backlash from reports of several food-safety issues.

As of press time, Chipotle did not respond to Fast Casual's request for comment. A vote to remove Ells cannot occur until the chain's 2017 annual meeting.