DENVER BUSINESS JOURNAL - Activist investors say they want Steve Ells removed as chairman of Chipotle Mexican Grill Inc.
Amalgamated Bank and Change to Win Investment Group say they want shareholders next year to vote on removing Ells as chairman of the company.
“As we have seen for months, Chipotle’s closed off and limited governance structure is unsustainable and counterproductive, posing a direct risk to shareholders and the public at large. It’s clear to everyone that management must improve to address the public and investors’ growing crisis of confidence. We feel strongly that by appointing an independent, outside chair to oversee company management, Chipotle will be better positioned to provide a more publicly transparent and responsive approach moving forward," said Keith Mestrich, Amalgamated Bank president and CEO, in a statement.
Derrick Wortes, lead analyst at Change to Win Investment Group, added, "an independent board chair is an essential part of curing the company’s governance and strategic failures that have become more apparent since last year’s foodborne illness crisis."
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