Thursday, August 17, 2017

A third of Chipotle’s board is on the way out

By on March 17, 2017

NEW YORK — Chipotle, which is trying to revive its fortunes after being rattled by food safety scares, says a third of its board members will leave after their terms expire in May.

The burrito chain, under pressure from activist investor Bill Ackman to speed up its recovery, expanded its board to 12 members in December after four new directors, approved by Ackman, were added. Ackman’s hedge fund, Pershing Square Capital, holds a 10 percent stake in Chipotle.

Chipotle said Friday that four members won’t seek re-election in May: John Charlesworth, Patrick Flynn, Darlene Friedman and Stephen Gillett.

Chipotle Mexican Grill Inc., based in Denver, is trying to win back diners after a 2015 E. Coli outbreak sickened some customers.

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