In 1993, Chipotle Mexican Grill Inc. (GCM) was founded in Denver as a way for alumni Chairman and Chief Executive Officer (CEO) Steve Ells to save for his dream of owning a fine dining restaurant. Today, Ells, along with many Chipotle insiders and institutional investors, hold massive positions in the global fast-food chain, with a market capitalization of $41.59 billion in January. 26. 2021.
When Ells quit his job as a line cook at Stars Restaurant in San Francisco to open a burrito shop, he didn’t expect that five years later fast-food giant McDonald’s Corp. (MCD) would invest and acquire a minority stake in its Mexican food manufacturer. While Chipotle was going through a period of meteoric growth, the company went public in 2006, doubling its share price in 24 hours.
Chipotle released its third quarter 2020 results on October 21, 2020. The Mexican food maker reported revenue of $1.6 billion for the quarter, an increase of 14.1% from $1.4 billion. dollars compared to the same period of the previous year.
Here are the four major individual shareholders of Chipotle Mexican Grill.
Steve Ells is the founder and former CEO of Chipotle Mexican Grill. After starting the burrito shop in 1993 with money borrowed from friends and family, Ells was named president in 2005 and has served as a director since 1996. Prior to founding Chipotle, Ells, a bachelor of arts from the University of Colorado, worked for two years at Stars Restaurant in San Francisco. As a leading personalized burrito, salad and taco maker, Ells has led Chipotle at the forefront of a healthier and more environmentally friendly fast food segment. Under Ells, Chipotle described itself as offering “naturally raised meat,” while promoting sustainable agriculture and refraining from using GMOs. Since Ells last filed with the SEC on Feb. 28, 2020, the former CEO owns 119,104 shares of Chipotle directly and another 112,259 shares indirectly through trusts.
Following several public health crises related to the food served at Chipotle, Ells felt a change in management was needed. “Bringing in a new CEO is the right thing to do for all of our stakeholders,” Ells said in a statement. “This will allow me to focus on my strengths, which include innovation in how we source and prepare our food. This will ultimately enhance our ability to provide our customers with delicious dishes prepared with high quality ingredients raised responsibly and served in a manner accessible to all.”
On November 29, 2017, Ells announced that he would be stepping down as CEO, and on February 13, 2018, Chipotle announced that Brian Niccol would be taking over. Ells retained his position as executive chairman until March 2020, when he stepped down from the board, and his position as the largest shareholder may change in the near future.
Montgomery “Monty” Moran
Montgomery Moran served as co-CEO of Chipotle Mexican Grill, Inc. from January 1, 2009 to December 2016 and also served as the company secretary until December 2016; he was also the company’s president and chief operating officer prior to his promotion to co-CEO.According to a May 11, 2016 filing with the SEC, Moran owns approximately 154,755 shares of the company, making him Chipotle’s second largest individual shareholder.
Montgomery holds a Bachelor of Arts from the University of Colorado and a Juris Doctorate, magna cum laude, from Pepperdine University School of Law.
Albert S. Baldocchi, director at Chipotle, has served as an independent financial consultant and strategic advisor to a number of private companies, particularly multi-unit restaurant businesses. Seventeen years in the field have given Baldocchi an in-depth knowledge of finance and restaurant operations, while his previous career as a banker at institutions such as Morgan Stanley, Solomon Brothers and Montgomery Securities has endowed him with accounting and finance skills.Baldocchi’s 71,689 shares make him Chipotle’s third largest individual shareholder, according to a June 5, 2020 SEC filing.
Baldocchi holds a Bachelor of Science in Chemical Engineering from the University of California, Berkeley and an MBA from Stanford University.
John “Jack” Hartung
John Hartung was the Chief Financial Officer (CFO) at Chipotle since 2002 and Principal Accounting Officer since 2010.He’s been with the restaurant chain for about a decade and a half, following 18 years at McDonald’s, where he held a myriad of roles, most recently as vice president and chief financial officer of its partner brand group. Hartung is Chipotle’s fourth largest individual shareholder, with 47,225 shares in the company, according to an SEC filing dated Feb. 28, 2020.
Hartung holds a Bachelor of Science in Accounting and Economics as well as an MBA from Illinois State University.
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