CHIPOTLE MEXICAN GRILL, INC. (NYSE:CMG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 12, 2017, the Board of Directors of Chipotle Mexican Grill, Inc. designated Scott Boatwright, Chief Restaurant Officer, as principal operating officer of Chipotle, effective immediately.
Scott joined Chipotle as Chief Restaurant Officer in May 2017, and has assumed direct accountability for all restaurant operations.Prior to Chipotle, Scott spent 18 years with Arby’s Restaurant Group in various leadership positions, including for the last six years as the Sr. Vice President of Operations, where he was responsible for the performance of over 1,700 Arby’s restaurants in numerous states.Scott holds an MBA from the J. Mack Robinson College of Business at Georgia State University and is 44 years old.
Scott is an at-will employee without a formal employment contract.The terms of his employment entitle him to an annual base salary of $410,000 per year, with a target bonus under Chipotle’s Annual Incentive Plan of 65% of his base salary.He also receives a car allowance of $1,350 per bi-weekly pay period, as well as certain relocation benefits in connection with his move to Denver, Colorado.We have also entered into anExecutive Agreement with Scott, to which he would be entitled to up to 12 months of base salary in the event his employment with us is terminated without cause prior to the second anniversary of his commencement of employment, with the number of months of severance payable phasing out ratably from the first to second anniversary of his commencement of employment.A copy of the Executive Agreement is filed as Exhibit 10.1 hereto.
Scott has also entered into our standard Indemnification Agreement for executive officers and members of our Board of Directors.
Item 5.02.Financial Statements and Exhibits.
Exhibit Index
CHIPOTLE MEXICAN GRILL INC ExhibitEX-10.1 2 cmg-20170915xex10_1.htm EX-10.1 91517_101 Scott Exhibit Exhibit 10.1 EXECUTIVE AGREEMENT THIS EXECUTIVE AGREEMENT (this “Agreement”),…To view the full exhibit click here
About CHIPOTLE MEXICAN GRILL, INC. (NYSE:CMG)
Chipotle Mexican Grill, Inc., together with its subsidiaries operates Chipotle Mexican Grill restaurants. The Company’s Chipotle Mexican Grill restaurants serve a menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads. The Company operates approximately 1,970 Chipotle restaurants throughout the United States, over 10 in Canada, seven in England, four in France and one in Germany. The Company’s restaurants include over 10 ShopHouse Southeast Asian Kitchen restaurants, serving Asian-inspired cuisine. The Company owned and operated approximately three Pizzeria Locale restaurants, a fast casual pizza concept, resulting in a totaling of approximately 2,010 restaurants. The Company sells gift cards which do not have an expiration date.
