Summary
Chipotle Mexican Grill, Inc. (CMG) has filed an 8-K report on March 14, 2018, announcing the departure of its Chief Marketing and Strategy Officer, Mark Crumpacker. This event, effective March 15, 2018, marks a significant leadership change. The terms of his separation include a severance package of 26 weeks' pay, continued health benefits, and an extended period to exercise vested stock options. Additionally, Mr. Crumpacker has agreed to non-disparagement, confidentiality, and non-compete clauses aimed at protecting Chipotle's business interests.
Key Highlights
- 1Mark Crumpacker, Chief Marketing and Strategy Officer, is resigning from Chipotle, effective March 15, 2018.
- 2Mr. Crumpacker will receive a severance package including 26 weeks of base salary.
- 3Post-employment benefits include an extension of health insurance.
- 4Mr. Crumpacker will have a 12-month window to exercise vested stock-only stock appreciation rights, an extension from the standard 90 days.
- 5The separation agreement includes standard provisions such as non-disparagement, confidentiality, and a one-year non-compete clause in the continental United States.
- 6The non-compete restricts Mr. Crumpacker from working for or assisting competing restaurant businesses and from soliciting Chipotle employees or business relations.
- 7The agreement is subject to a customary revocation period by Mr. Crumpacker.