Chipotle says shareholders drop bid to split CEO, chairman roles

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A Chipotle Mexican Grill is seen in Los Angeles, California, U.S. on April 25, 2016. REUTERS/Lucy Nicholson/File Photo (Copyright Reuters 2017)

The burrito chain Chipotle Mexican Grill Inc said on Thursday its shareholders agreed to withdraw a proposal to split the chief executive and chairman roles.

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Two union-affiliated shareholders of the company, Amalgamated Bank and CtW Investment Group, filed a proposal in November to strip board leadership from Steve Ells, who is also the founder and chief executive, by instituting an independent chair.

Chipotle said in a filing that it was not only "appropriate but also important" for Ells to serve as both the chairman and CEO. (http://bit.ly/2oe9hZn)

(Reporting by Aishwarya Venugopal in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Shounak Dasgupta)