Chipotle Mexican Grill Inc.
09/05/2025 | Press release | Distributed by Public on 09/05/2025 14:33
Management Change/Compensation (Form 8-K)
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 4, 2025, Matthew Bush, 42, was appointed principal accounting officer of Chipotle Mexican Grill, Inc. ("Chipotle"), effective immediately.
Mr. Bush was appointed Vice President, Controller of Chipotle on August 25, 2025 and previously served as Chipotle's Senior Director, Assistant Controller from February 2024 to August 25, 2025; Director, Assistant Controller from January 2021 to February 2024; and in other financial reporting, accounting and internal audit roles since February 2015. During his 10 years with Chipotle, he has been instrumental in managing and developing top performing teams across Chipotle's financial reporting, internal audit, treasury and international accounting departments.
There are no arrangements or understandings between Mr. Bush and any other person pursuant to which he was selected as Vice President, Controller and principal accounting officer. There are no family relationships between Mr. Bush and any director or executive officer of Chipotle, and there are no transactions in which Mr. Bush has or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K.
In connection with his promotion, Mr. Bush will receive an annual base salary of $340,000. He also will be eligible for an annual cash incentive with a target bonus equal to 35% of base salary and will be granted an incremental restricted stock unit with a grant date value of $400,000. The restricted stock unit will vest one-third on each of the first, second and third anniversaries of the grant date, subject to continued service and the other terms and conditions of Chipotle's restricted stock unit award agreement. The restricted stock unit will be granted on October 31, 2025, which is consistent with Chipotle's policy to make mid-year equity grants during an open trading window under Chipotle's Insider Trading Policy and usually within one week after Chipotle publicly announces financial results for the applicable financial quarter.
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