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Chipotle says shareholders drop bid to split CEO, chairman roles
March 30, 2017 / 8:27 PM / 6 months ago

Chipotle says shareholders drop bid to split CEO, chairman roles

March 30 (Reuters) - The burrito chain Chipotle Mexican Grill Inc said on Thursday its shareholders agreed to withdraw a proposal to split the chief executive and chairman roles.

Two union-affiliated shareholders of the company, Amalgamated Bank and CtW Investment Group, filed a proposal in November to strip board leadership from Steve Ells, who is also the founder and chief executive, by instituting an independent chair.

Chipotle said in a filing that it was not only "appropriate but also important" for Ells to serve as both the chairman and CEO. (bit.ly/2oe9hZn) (Reporting by Aishwarya Venugopal in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Shounak Dasgupta)

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