Chipotle’s Bosses Get Extra $64.4 Million From Tweak to Results
- CEO Niccol’s pay more than doubled to $38 million last year
- Restaurant chain says it discussed changes with top investors
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Chipotle Mexican Grill Inc.’s five most-senior executives received an additional $64.4 million of awards last year after the company’s board tweaked bonus calculations to exclude abysmal sales from the first few months of the pandemic lockdown.
The company stripped out certain results for March, April and May of 2020, when government restrictions forced it to close restaurants and limit service to delivery and takeout, according to a regulatory filing Monday. Chipotle said it also excluded some cost increases attributable to the pandemic.