Chipotle CEOs Apologize For The Year Of Bloody Diarrhea By Taking A $14 Mill Pay Cut–Still Rich AF
Chipotle had a shitty 2015.
Back in November, 43 stores across Oregon and Washington had to be closed due to at least 22 people ending up with symptoms of E.coli. And, less than a month later, as if going 0-19 in conference play wasn’t enough, nearly the entire Boston College basketball team was camped out on the crapper after an outbreak that affected 28 students. Not to mention, a Chipotle burrito caused me to shit my pants in public in January of 2015. SO THIS IS PERSONAL FOR ME!
As a gesture of apology (aka drops in the company’s stock price, earnings and revenue) Chipotle CEOs Steve Ells and Monty Moran both took 50% pay cuts in 2015 – pushing their pay down to $13.8 million and $13.6 million, respectively, according to USA Today. This was down from $28.9 million and $28.2 million in 2014.
Even after their pay was cut in half, they’re still making above the average in comparison to fellow CEOs. As pointed out by USA Today, CEOs in the Standard & Poor’s 500 were paid $10.6 million on average in 2014, says compensation firm Equilar.
As far as the company as a whole, Chipotle’s 2014-15 transition went about as well as RGIII’s rookie to sophomore production:
Chipotle’s stock – which had been red hot coming into 2015 – lost nearly a third of its value during the year. Chipotle’s revenue rose 9.6% in 2015 and net income gained 6.8%, a massive slowdown of growth from previous years. Revenue and net income grew 28% and 36%, respectively, in 2014 (via).
I just spent the last $17 in my bank account on stocks of Chipotleaway. Maybe I’ll invite you peasants on my yacht in a few years.
[h/t USA Today]