Chipotle

Chipotle Investors Want to Remove Co-CEO and Founder Steve Ells From Board of Directors

Contributor
Starbucks’ former COO, Troy Alstead, is a potential candidate for Ells’ position on the board

Just when things were looking up with the introduction of dessert and breakfast items in the works after much bad press this year, some of Chipotle’s investors are looking to have co-CEO and founder Steve Ells removed from his position as chairman of the board of directors.

Two shareholders, Amalgamated Bank and CtW Investment Group, have proposed to replace Ells with an independent director, Reuters reported.

"As a matter of practice and in principle we support separating chairman and CEO roles consistent with the CalPERS Global Governance Principles," said a spokeswoman for the California Public Employees' Retirement System, which holds 90,771 Chipotle shares.

Chipotle is in desperate need of rehabilitating its brand. Troy Alstead, the former Starbucks chief operating officer who helped rebuild the coffee chain’s brand, is a potential candidate for Ells’ position on the board, Reuters reported.

Related
Chipotle Is Changing Its Menu to Assure Food Safety: Here’s What to ExpectChipotle Is Giving Out Free Booze in New Effort to Woo Lapsed CustomersReport: Americans Love Chick-fil-A, Chipotle Takes a Tumble13 Things You Didn’t Know about Chipotle Mexican GrillHave You Stopped Eating Chipotle Since the Foodborne Illness Outbreak? Take Our Survey!

Ells job is out of harm’s way for now, as any vote would not take place until the 2017 annual board meeting.