DENVER—Compensation for the chief executive of Chipotle Mexican Grill Inc. nearly tripled to $7.3 million in 2007 with more than half coming from stock and options, according to a regulatory filing submitted Monday.
The increase came as the fast-casual restaurant chain posted a 70 percent increase in net income and continued to open new stores despite a challenging economic environment.
In 2007, Chief Executive Officer Steve Ells received $557,692 in salary, $1.1 million under a non-equity incentive plan and $5.5 million in stock options and grants.
Ells also received $66,151 in benefits, including $29,077 for a company car, $35,464 in matching 401k contributions, $1,332 for life insurance, and other expenses. He also got an $86,670 bonus for outstanding performance.
In 2006, Ells received $461,738 in salary, $741,000 under the non-equity incentive compensation plan, $1.4 million in stock and grant options and $71,171 in other compensation.
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. The calculations don’t include changes in the present value of pension benefits and may differ from totals supplied by companies.
Ells’ compensation package was detailed in a Securities and Exchange Commission filing.
Denver-based Chipotle, which went public in 2006, sells burritos, tacos and salads that feature natural and organic ingredients. As of Dec. 31, the company had 704 restaurants in 33 states.
Chipotle’s net income for 2007 was $70.6 million compared with $41.4 million in 2006. Its stock price rose from $64.75 a share a year ago to close Friday at $116.66 a share. In Monday trading, the price closed down $1.86 a share to $114.80 a share.
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