4 CHIPOTLE BOARD MEM­BERS DE­PART

The Denver Post - - BUSINESS -

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

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