Chipotle adds 4 board members

Dec. 16, 2016

As part of its recent leadership shake-up, which named Steve Ells as sole CEO, Chipotle has added four members to its board of directors. Paul T. Cappuccio, Robin S. Hickenlooper, Ali Namvar and Matthew Paull will serve an initial term through the chain's 2017 Annual Meeting of Shareholders, according to a company press release. 

"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," Steve Ells, founder, chairman and CEO of Chipotle, said in the release. "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, according to the release.

The full agreements with Pershing Square will be filed in a current report on Form 8-K with the Securities and Exchange Commission.

About the members

Cappuccio has served as executive vice president and general counsel of Time Warner since 2001; 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.

Namvar is a partner at Pershing Square Capital Management L.P., a registered investment adviser with more than $11 billion in assets under management and Chipotle's largest investor.

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, he 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. 

Topics: Operations Management

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