Chipotle shareholders reject executive pay plan

DENVER - Shareholders have sent a message to Chipotle (CMG) over how the chain pays its top executives.

During the Mexican food chain's annual meeting in Denver on Thursday, 77 percent voted against Chipotle's executive pay plan. The vote is advisory and non-binding for Chipotle.

Last year, co-CEO Steve Ellis and Montgomery Moran were paid $25.1 million and $24.4 million, respectively.

A group that advises union pensions, CtW Investment, led the shareholder campaign to try to rein in compensation. CtW noted that the say-on-pay vote failed by the largest margin seen this year.

Chipotle spokesman Chris Arnold says the company takes the vote very seriously. He said having a compensation program that drives shareholder value has always been a "top priority."

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Market News

Stock Watchlist