4 CHIPOTLE BOARD MEMBERS DEPART
Denver-based Chipotle Mexican Grill, which is trying to revive its fortunes after being rattled by food safety scares, says a third of its board members will leave in May after their terms expire.
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, is one of Chipotle’s largest shareholders, owning a more than 10 percent stake in the chain.
In a filing Friday, Chipotle said the four members who won’t seek re-election in May are John Charlesworth, Patrick Flynn, Darlene Friedman and Stephen Gillett.
“These departures are the product of individual decisions, and are in no way part of our agreement with Pershing Capital and Mr. Ackman,” Chipotle spokesman Chris Arnold said. The Associated Press