BOSTON – Union-affiliated shareholder CtW Investment Group on Tuesday stepped up its pressure on Chipotle Mexican Grill by urging billionaire investor William Ackman to play a hand in recruiting new directors to its board.
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"Replacing two or more incumbent directors with diverse candidates experienced in effective human capital management should be the highest immediate priority for the company, given that both its downturn and sluggish recovery have stemmed from inadequate training and staffing, as well as excessive operational complexity," Dieter Waizenegger, CtW's executive director, wrote in an open letter to Ackman.
Hedge fund Pershing Square Capital Management, controlled by Ackman, announced a nearly 10 percent stake in the company in September.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)