Chipotle (CMG) just unveiled an announcement.
Chipotle Mexican Grill has undergone a significant leadership transition, with the departure of its CEO and Chairman, and the appointment of Scott Boatwright as the Interim CEO. To ensure stability, Chipotle’s Board has granted substantial retention awards to key executives, including $8 million in restricted stock units for Boatwright and Jack Hartung, the new President of Strategy, Finance, and Supply Chain. These awards will vest over two years, ensuring executive commitment during the transition. Additionally, in recognition of their new responsibilities, the compensation for Boatwright and Adam Rymer, the new CFO, has been adjusted, with Rymer’s and Jamie McConnell’s appointments moved up to October 1, 2024.
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