Chipotle (CMG) shareholders have said no to the executive pay plan.
This plan determines how senior executives are compensated and it looks like the burrito chain is against it. More than 75% of Chipotle’s shareholders voted against ratifying the current executive compensation plan.
The company made the announcement at its annual shareholders meeting on Thursday. This vote speaks volumes of the compensation plans for senior executives at Chipotle which include schooling expenses for co-CEO Monty Moran’s children and tax reimbursements for both Moran and co-CEO Steve Ells.
Ells’ compensation for 2013 is valued at $25.1 million while Moran’s compensation for 2013 is valued at $24.4 million.
CMG stock is down over 1.7% Thursday.