CHIPOTLE ACCELERATES THE APPOINTMENT OF ADAM RYMER TO CFO AND JAMIE MCCONNELL TO CHIEF ACCOUNTING AND ADMINISTRATIVE OFFICER

Rhea-AI Summary

Chipotle Mexican Grill (NYSE: CMG) has announced accelerated executive appointments effective October 1, 2024. Adam Rymer, a 15-year company veteran, will become Chief Financial Officer, reporting to Interim CEO Scott Boatwright. Jamie McConnell, with the company since 2018, will assume the role of Chief Accounting and Administrative Officer, reporting to Rymer. Former CFO Jack Hartung will transition to President and Chief Strategy Officer, supporting the Interim CEO indefinitely.

These changes aim to ensure continuity during a transitional period. Chipotle's Board has implemented retention plans for the entire executive leadership team. Excluding one officer hired in 2023 and Hartung's 25-year tenure, the executive team's average tenure is approximately seven years.

Positive

• Promotion of long-term employees to key leadership positions, potentially ensuring continuity and deep company knowledge
• Implementation of retention plans for the executive leadership team, aiming to maintain stability
• Former CFO Jack Hartung remaining with the company in a strategic role, potentially providing valuable guidance

Negative

• Transitional period in leadership, which could lead to temporary uncertainty
• Accelerated appointments might indicate unexpected changes or challenges within the company

• Former CFO Jack Hartung to remain with the organization indefinitely as President and Chief Strategy Officer, beginning October 1, 2024
• 15-year Chipotle veteran, Rymer, and 6-year veteran, McConnell, will assume their new roles, beginning October 1, 2024

NEWPORT BEACH, Calif., Aug. 28, 2024 /PRNewswire/ -- Chipotle Mexican Grill (NYSE: CMG) today announced that it has accelerated the appointment of Adam Rymer to Chief Financial Officer, beginning October 1, 2024. Rymer will serve on Chipotle's executive leadership team and report to Scott Boatwright, Interim Chief Executive Officer. Former Chief Financial and Administrative Officer, Jack Hartung, will serve in his new role indefinitely as President and Chief Strategy Officer beginning October 1, 2024, supporting the company's Interim CEO.

A 15-year Chipotle veteran, Rymer previously served as Vice President of Finance, overseeing Corporate Finance, Field Finance and Investor Relations functions. Jamie McConnell, who has been with the organization since 2018, will assume the role of Chief Accounting and Administrative Officer, reporting to Rymer and transitioning roles on the same date. McConnell previously served as Vice President, Controller, with responsibility for the Corporate Accounting, Financial Reporting, Tax, Internal Audit, Accounting Shared Services, Licensing and Payroll functions.

Rymer stated, "There's tremendous growth opportunity ahead for Chipotle, and I look forward to delivering on our strategic priorities and driving value for our guests, our employees and our shareholders. For well over a decade, I've had the privilege of supporting one of the leading and longest tenured CFOs in the business, and I am grateful for the deep institutional knowledge that was bestowed upon me, Jamie, and the entire finance organization, as we continue executing on our mission to Cultivate a Better World."

In addition to accelerating these executive appointments, Chipotle's Board of Directors has put retention plans in place for its entire executive leadership team to ensure continuity through this transitional time. With the exception of one officer hired in 2023 and Jack Hartung's two and half decades with the company, Chipotle's bench of esteemed Executive Officers have an average tenure of approximately seven years with the organization.

ABOUT CHIPOTLE
Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. There are over 3,500 restaurants as of June 30, 2024, in the United States, Canada, the United Kingdom, France, Germany, and Kuwait and it is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe. Chipotle is ranked on the Fortune 500 and is recognized on Fortune's Most Admired Companies 2024 list and Time Magazine's Most Influential Companies. With over 120,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. For more information or to place an order online, visit WWW.CHIPOTLE.COM.

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SOURCE Chipotle Mexican Grill

FAQ

When will Adam Rymer become CFO of Chipotle (CMG)?

Adam Rymer will become Chief Financial Officer of Chipotle (CMG) on October 1, 2024.

What is Jack Hartung's new role at Chipotle (CMG)?

Jack Hartung will transition to the role of President and Chief Strategy Officer at Chipotle (CMG), effective October 1, 2024.

Who will be Chipotle's (CMG) new Chief Accounting and Administrative Officer?

Jamie McConnell will assume the role of Chief Accounting and Administrative Officer at Chipotle (CMG) on October 1, 2024.

What is the average tenure of Chipotle's (CMG) executive leadership team?

Excluding one officer hired in 2023 and Jack Hartung's 25-year tenure, Chipotle's (CMG) executive leadership team has an average tenure of approximately seven years.