Chipotle says shareholders drop bid to split CEO, chairman roles
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.
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)