News

Strong majority of Chipotle shareholders vote against execs' pay packages

May 16, 2014

At Chipotle’s annual meeting in Denver Thursday, 77 percent of shareholders voted against the compensation packages of co-CEOs Steve Ells and Monty Moran. Last year, they received $25.1M and $24.4M, respectively. According to the Denver Post, since 2011, they have also received nearly $250M in stock awards.

“Say on pay” votes are non-binding. Company spokesperson Chris Arnold thanked investors for their feedback.

"We take this very seriously. It has always been, and continues to be, a top priority that our compensation programs are driving the creation of shareholder value," he said.

The co-CEOs’ pay is higher than executives’ pay at larger companies such as JP Morgan Chase, the story said, adding that the company has defended its high pay to retain the executives and keep them motivated.

The vote Thursday came the same day thousands of restaurant workers around the country walked off their jobs in protest of low wages. The Fast Food Forward campaign is asking for $15 an hour, from the current $7.25 federal wage level.