Chipotle Mexican Grill (NYSE:CMG) continues to change its structure. On Dec. 12, the company announced that it would no longer use the dual CEO structure that had been in place for years, making founder Steve Ells the sole person in that role. Two days later, four people – Ali Namvar, Matthew Paull, Robin Hickenlooper and Paul Cappuccio – were added to Chipotle's board of directors, which now consists of 12 members.
The new members have terms that will initially take them through the company's annual shareholder meeting, which is expected to take place in the spring.
Ellis said, that this move,
gives us the oversight, accountability and leadership we need as we continue our efforts to re-establish Chipotle as the leader we have been for much of our history.
This decision was made partly in response to Pershing Square (NYSE:SQ) purchasing a 9.9 percent stake in Chipotle three months earlier. Two of the four new members – Namvar and Paull – are affiliated with that hedge fund management company.
Namvar is a Pershing Square partner who has been involved with a number of companies that Pershing has invested in over the years, including Procter & Gamble, Kraft Foods and Wendy's.
Paull served as chief financial officer and senior vice president at McDonald's from 2001-08 after having worked for the company since 1993. Paull was a partner at Ernst & Young prior to joining McDonald's, and he is now on Pershing's advisory board.
Hickenlooper is Liberty Global's senior vice president for corporate development and was involved with Del Monte Foods' strategic planning and business development prior to joining Liberty Global. She is the wife of John Hickenlooper, Colorado's governor.
Cappuccio has been Time Warner's general counsel and executive vice president since 2001. He is intimately involved with the legal functions of that multinational media and entertainment conglomerate. Cappuccio has also served as the Department of Justice's associated deputy attorney general.