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Chipotle top execs promised retention bonuses

Chipotle top execs promised retention bonuses

Jack Hartung and Mark Crumpacker to be paid extra if they stay until new CEO is in place for a year

Chipotle Mexican Grill’s chief financial officer Jack Hartung and chief marketing and strategy officer Mark Crumpacker have been promised bonuses $1 million and $600,000, respectively, to stay in their posts until a year after a new CEO has been appointed, according to documents filed with the Securities & Exchange Commission.

“The retention agreements are intended to encourage the employees’ continued service to Chipotle during the pendency of a search for Chipotle’s next chief executive cfficer,” the company said.

Hartung and Crumpacker would be eligible for the bonuses on the first anniversary of the appointment of a new CEO, provided they aren’t terminated with cause beforehand.

CEO and founder Steve Ells announced his resignation as CEO in November, in the wake of a series of foodborne illnesses linked to the chain in 2015 and subsequent declines in same-store sales in 2016 and sluggish recovery in 2017. According to a company spokeperson, Ells will serve as Chipotle's CEO until a new CEO is named, and will then assume the role of executive chairman of the company.

Contact Bret Thorn at [email protected] 

Follow him on Twitter: @foodwriterdiary

Correction: January 13, 2018
This story has been updated to clarify Steve Ellis' transition plan as CEO. He is still serving as Chipotle's CEO until a new CEO is named.
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