Chipotle Mexican Grill (NYSE: CMG) is paying $1.6 million to two of its top executives while the company transitions to a new CEO.
The Denver-based restaurant chain announced in a U.S. Securities and Exchange Commission filing Friday that it’s reached retention agreements with CFO Jack Hartung and Mark Crumpacker, chief marketing and strategy officer, to keep them in their positions for at least one year after the replacement for founder and CEO Steve Ells comes on board.
Ells announced in late November that he will step down from day-to-day operations of the company he founded in 1993 as soon as a search committee that includes him chooses a successor.
Under the agreements, Hartung will receive $1 million and Crumpacker $600,000 for staying in their job for at least one year after the appointment of Ells’ successor. The payments will not happen if either of the men are dismissed for cause or resign without offering the company a good reason.