Summary
Chipotle Mexican Grill, Inc. (CMG) announced on March 13, 2019, a significant refreshment of its Board of Directors. The size of the Board has been expanded to eleven members with the immediate election of two new independent directors: Patricia Fili-Krushel and Scott Maw. Ms. Fili-Krushel brings extensive experience in media, technology, and talent strategy from her leadership roles at Comcast, Time Warner, Disney, and WebMD, and currently leads the Center for Talent Innovation. Mr. Maw, a seasoned finance executive, joins from Starbucks where he served as Executive Vice President and CFO, and previously held senior finance positions at JP Morgan Chase and GE Capital. These appointments are designed to strengthen the board's oversight and strategic guidance as Chipotle continues its turnaround efforts.
Key Highlights
- 1Chipotle Mexican Grill has expanded its Board of Directors from ten to eleven members.
- 2Patricia Fili-Krushel has been elected as a new independent director, bringing expertise from media, technology, and talent strategy sectors.
- 3Scott Maw has been elected as a new independent director, adding significant financial leadership experience from companies like Starbucks and JP Morgan Chase.
- 4Both new directors will stand for re-election at the 2019 annual shareholders meeting.
- 5Kimbal Musk will not stand for re-election at the 2019 annual meeting, stepping down after serving since 2013.
- 6The company expressed appreciation for Mr. Musk's contributions to innovation and growth.
- 7These board changes are effective immediately as of March 13, 2019.