DENVER-
Chipotle Mexican Grill Inc. founder and CEO Steve Ells received compensation worth $2.6 million last year, the fast-casual restaurant chain’s first as a public company, according to a regulatory filing Monday.
Ells was paid a $461,738 salary, but his package was boosted by options awards valued at $1.38 million and perquisites of $71,171. The perks included $37,261 for contributions to a 401k, $32,681 for company car costs, and $1,229 in life insurance premiums, according to a filing with the Securities and Exchange Commission.
He received $741,000 as reward in part after Chipotle’s operating income, comparable restaurant sales, and average daily sales in new restaurants topped internal targets, the document said.
Chipotle directors decided to set Ells’ base salary for 2007 at $600,000, the SEC filing said.
The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
