01—Abstract
Summary
Summary of the 8-K filed May 7, 2025. Cited figures are marked; the original filing is the authoritative source.
Chipotle Mexican Grill (CMG) announced two leadership changes in an 8-K filed May 7, 2025.
The company hired Jason Kidd, formerly Chief Operating Officer of Taco Bell (Yum! Brands), as its new Chief Operating Officer, effective May 19, 2025. He will oversee operations across nearly 3,800 restaurants and report to CEO Scott Boatwright.
His compensation package includes a $675,000a base salary, a 90% target cash incentive, a $150,000 cash signing bonus to offset forfeited incentives at his prior employer, and new-hire equity awards worth about $3 million (75% SOSARs, 25% RSUs, vesting 50% in year two and 50% in year three). He will also receive roughly $3 million in annual equity from 2026 onward, with the 2025 annual grant weighted 60% PSUs. Jack Hartung, President and Chief Strategy Officer and former long-time CFO, will step down as an executive officer effective June 1, 2025, and remain as a senior advisor until his retirement in early March 2026.
His pay will drop to a $200,000b base salary with a 25% target bonus, and he has waived severance rights. Supply chain responsibilities move to Curt Garner, who becomes President, Chief Strategy and Technology Officer, while Chris Brandt takes on menu and ingredient processes as President, Chief Brand Officer. No compensation changes were made for Garner or Brandt.
For investors, the filing signals a deliberate operational upgrade. The hire brings large-scale multi-unit retail and restaurant operations experience at a time when Chipotle is focused on back-of-house modernization.
The filing discloses no financial results or guidance, so the near-term financial impact is limited. The transition is orderly, with Hartung staying on as an advisor and the company citing succession planning following the CEO and CFO changes.
02—Key points
Key Highlights
- Jason Kidd, formerly Taco Bell's global COO, joins as Chipotle's COO effective May 19, 2025, overseeing nearly 3,800 restaurants and reporting to CEO Scott Boatwright.
- Kidd's package includes a $675,000 base salary, a 90% target bonus, a $150,000 signing bonus, and about $3 million in new-hire equity (75% SOSARs, 25% RSUs), with vesting at years two and three.
- Kidd is slated to receive about $3 million in annual equity starting in 2026, with the 2025 grant weighted 60% toward performance share units.
- Jack Hartung, President and Chief Strategy Officer and former CFO, steps down as an executive officer on June 1, 2025, and will serve as a senior advisor until retiring in early March 2026.
- Hartung's pay is cut to a $200,000 base salary and a 25% target bonus, and he waived severance rights tied to the role change.
- Curt Garner adds supply chain to his remit as President, Chief Strategy and Technology Officer; Chris Brandt takes on menu and ingredient processes as President, Chief Brand Officer.
- The filing contains no financial results or guidance; the leadership changes are the key disclosure, with an emphasis on operations and back-of-house modernization.
03—Questions
Frequently Asked Questions
Who is Chipotle's new Chief Operating Officer and what experience do they bring?
Jason Kidd, age 50, joins as COO effective May 19, 2025. He was COO of Taco Bell (a Yum! Brands division) since February 2024, previously served as president of Hearing Lab Technology, and led operations at 99 Cents Only Stores, where he was president and COO. He also spent about 20 years in operations and supply chain roles at Walmart's Sam's Club.
Why is Jack Hartung stepping down, and what is his new role?
Hartung, who has been with Chipotle since 2002 and served as CFO for many years, is stepping down as an executive officer effective June 1, 2025. He had originally planned to retire in March 2025 but delayed to help with the CEO and CFO transitions. He will remain as a senior advisor until retiring in early March 2026, at a $200,000 base salary and a 25% target bonus, and he has waived severance.
How will Kidd's compensation be structured?
Kidd receives a $675,000 base salary and a 90% target cash incentive. A $150,000 cash signing bonus offsets incentives he forfeits at Taco Bell. His new-hire equity grant is worth about $3 million, split 75% stock-only SARs and 25% RSUs, vesting 50% in year two and 50% in year three. From 2026 he will receive about $3 million in annual equity, which may include RSUs, SOSARs, and PSUs.
Who takes over Hartung's responsibilities?
Curt Garner, Chief Customer and Technology Officer, will add supply chain to his responsibilities and become President, Chief Strategy and Technology Officer. Chris Brandt, Chief Brand Officer, will lead a cross-functional team on menu and ingredient processes and become President, Chief Brand Officer. Neither executive's compensation changed at this time.
Does this filing affect Chipotle's financial outlook?
The filing contains no financial results, guidance, or quantitative business metrics. Its financial relevance is mainly in executive compensation costs, which appear modest relative to the company's size, and in the operational leadership change, which may influence execution on operations and back-of-house modernization over time.
04—Continue