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The Associated Press reports that Chipotle shareholders, in a non-binding and purely advisory ballot, voted overwhelmingly against a new executive compensation plan.

According to the story, "last year, co-CEO Steve Ellis and Montgomery Moran were paid $25.1 million and $24.4 million, respectively." The new plan would continue their compensation at these levels, but 77 percent of those voting rejected the notion.

A spokesman for the company said that while it does not have to adhere to the vote results, it takes the numbers very seriously, and that creating shareholder value is a ‘top priority.’’
KC's View:
The Chipotle folks would be wise to take this seriously. Chipotle has been a strong performer over the years, but that's an awful lot of money to be paying two guys … though I'd be interested to know what the company pays store managers and front line employees, just for context. There's just something obscene about that kind of money.