Chipotle’s business is booming, and the burrito chain’s co-CEOs are being paid handsomely for it.
Steve Ells and Monty Moran made a combined $US58 million last year, according to James Covert at The New York Post.
Covert writes that proxy advisory firm ISS wants shareholders to vote against the compensation package at the May 15 annual meeting.
“A combined $US58 million in CEO pay for a fast food company isn’t just excessive — it’s indefensible,” New York City Comptroller Scott Stringer told the Post.
In comparison, Goldman Sachs CEO Lloyd Blankfein made about $US23 million.
Chipotle said it was open to change.
“If further feedback from long-term investors suggests that changes are needed the compensation committee will no doubt consider making them,” Chipotle told Covert.
Chipotle recently announced it is raising prices in the wake of increased commodity costs. The price of avocados, used to make Chipotle’s famous guacamole, as well as beef, are particularly high.
Chipotle pays workers an average of $US8.57 an hour according to Glassdoor, more than Taco Bell, Chick-fil-A, McDonald’s, Wendy’s, or Burger King.
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