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Chipotle shareholders overwhelmingly reject combined nearly $50M in pay for top 2 executives
Reported by: Associated Press
Reported: Thursday, May 15, 2014 2:26 PM EDT
Shareholders have sent a message to Chipotle over how the chain pays its top executives.
Last year, co-CEO Steve Ellis and Montgomery Moran were paid $25.1 million and $24.4 million, respectively.
A group that advises union pensions, CtW Investment, led the shareholder campaign to try to rein in compensation. CtW noted that the say-on-pay vote failed by the largest margin seen this year.
Chipotle spokesman Chris Arnold says the company takes the vote very seriously. He said having a compensation program that drives shareholder value has always been a "top priority."