Chipotle’s new chief executive is Scott Boatwright, a familiar face and name, given that he’s served as the interim CEO since August following former CEO Brian Niccol’s surprise decision to lead a turnaround at Starbucks.
And while Boatwright, 52, will get a significant pay boost in his new corner-office role compared to his days as chief operating officer and chief restaurant officer, his comp is valued well below the rockstar pay of ex-CEO Niccol.
Boatwright’s deal as permanent CEO has not been changed since the board’s compensation committee gave him a boost when he was named to the interim position. That included an equity grant valued at $8 million he got after Niccol left in a bid to keep Boatwright—and the entire executive leadership team at Chipotle—from jumping ship. In addition to the grant, Boatwright’s interim CEO package announced in August included a $1 million base salary, a potential cash bonus of nearly $1.2 million, an additional restricted stock award valued at $3.5 million, plus a $200,000 aircraft allowance. Boatwright’s maximum potential package could top $11 million, if Chipotle’s stock price continues to perform, but the award could be higher depending on the actual value of Chipotle’s shares when his awards vest.
“We conducted a thorough and rigorous external search process that confirmed Scott is absolutely the best person to lead the next stage of growth at Chipotle,” said board chair Scott Maw in a statement on Monday. “Today’s announcement is an affirmation of both Scott’s leadership capability and our internal succession planning process. The board overwhelmingly believes Scott will deliver on the key strategies in place and position the company for continued success.”
The package marks a significant rise from Boatwright’s previous comp as COO, valued at $6.3 million in the company’s 2023 annual shareholder report. But it’s a far cry from Niccol’s total pay in 2023, which was valued at $22.5 million, according to Chipotle’s disclosures. In a statement, a Chipotle spokesperson declined to comment on Fortune‘s valuation of Boatwright’s compensation. “The bulk of Scott’s compensation will be received through his equity awards, and the actual value Scott will receive is entirely dependent on achievement of the performance goals for the awards and the stock price at the time of vesting,” they said.
Niccol led the burrito-bowl giant from March 2018 to…
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