In response to investor criticism that it did not respond fast enough to an E. coli outbreak last year, fast-food chain Chipotle announced today that it has named four new members to its board of directors, effective as of Dec. 14.
The long-anticipated board shakeup gives Pershing Square Capital Management, a registered investment advisor with more than $11 billion in assets under management, a seat on Chipotle’s board—and, thus, a say in what new direction the food chain will take moving forward. As Chipotle’s largest investor, Pershing Square took a 9.9% ownership stake in Chipotle in September, the company announced in a regulatory filing.
“We are pleased that Chipotle has taken the important step of refreshing its Board which will position the company for continued growth and long-term success,” activist investor Pershing Square CEO William Ackman said in a statement. “We look forward to working with the board and management to create sustained value for all shareholders for many years to come.”
The nominees are:
Ali Namvar, a partner at Pershing Square, who joined the firm in 2006 and has been a major contributor to the firm’s growth. He brings more than a decade of experience investing in publicly traded, branded consumer products, and restaurant companies.
Paul Cappuccio, who has served as executive vice president and general counsel of Time Warner since 2001. In this capacity, he oversees the worldwide management of Time Warner’s legal functions, collaborating with all of its operating businesses.
Matthew Paull, former SVP and chief financial officer of McDonald’s Corp. from 2001 until he retired from that position in 2008.
Robin Hickenlooper, senior vice president of corporate development at telecommunications company Liberty Global.
“The addition of these new directors strengthens our board of directors, and 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,” Chief Executive Officer Steve Ells said in the statement.
The full bios of the new members can be found here. With the new appointments, Chipotle’s board currently consists of twelve members.