8-KLeadership ChangesExhibits & Filings

CHIPOTLE MEXICAN GRILL INC 8-K Report, Executive Changes (Mar 14, 2019)

Filed March 14, 2019For Securities:CMG

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.

Frequently Asked Questions

Chipotle expanded its board to eleven members and added Patricia Fili-Krushel and Scott Maw to bring in new perspectives and enhanced expertise in areas critical to the company's strategic direction and governance, particularly in media, technology, finance, and talent management.

Patricia Fili-Krushel has a strong background in executive leadership at major media and technology companies like Comcast and Time Warner, and currently leads a think tank focused on talent strategies. Scott Maw is a seasoned finance executive, most recently serving as EVP and CFO at Starbucks, with prior extensive experience at JP Morgan Chase and GE Capital.

Kimbal Musk, a current director since 2013, has decided not to stand for re-election at the upcoming 2019 annual shareholders meeting. The company thanked him for his contributions.

The election of Patricia Fili-Krushel and Scott Maw to the Board, and the expansion of the Board's size, were effective immediately on March 13, 2019.