The CEOs of Chipotle make significantly more more money than the leaders of other chain restaurants, and now they are facing backlash over their incomes. According to Business Insider, co-CEOs of the burrito chain Steve Ells and Montgomery Moran made $28.9 million and $28.2 million respectively last year. Ells added another $41.6 million to his bank account "by exercising previously awarded stock options." Per hour, Ells and Moran earn nearly three times as much the CEO of Dunkin' Donuts and nearly four times as much as the CEO of Domino's.
Chipotle shareholders are upset over the extravagant paydays. They are putting pressure on the chain to "reduce its generous compensation plan" for Ells and Moran. USA Today writes that there are multiple proposals regarding the payment of the co-CEOs up for a vote at the company's annual meeting in Denver taking place this week. One would even require shareholders to "sign off on equity compensation before awards are granted by directors."
New York City Comptroller Scott Stringer tells the Denver Post, "The movement for greater accountability in corporate America has enormous momentum." He adds, "For the next two weeks, Denver will be a focal point in the fight to elect directors who can... rein in excessive CEO pay." Chipotle's co-CEO's may be well compensated, but its employees are paid higher too. Chipotle workers make more per hour than those who work at most other chain restaurants.