- Chipotle's chief marketing officer, Mark Crumpacker, resigned from his position on Tuesday.
- "Crumpacker is being terminated without cause," the company said in a regulatory filing.
- Crumpacker was set to receive a $600,000 retention bonus if he stayed at the company until January 5, 2019.
Chipotle's chief marketing officer, Mark Crumpacker, resigned from his position on Tuesday, the company said in a regulatory filing.
His resignation will take effect on Thursday. Chipotle did not give a reason for the departure.
"Mark Crumpacker has resigned his position as chief marketing and strategy officer effective March 15," Chipotle spokesman Chris Arnold told Business Insider. "Mark has been a valued member of our leadership team and played an integral role in shaping and defining the Chipotle brand, and we thank him for his contributions. We have a very talented marketing team in place and we’ll continue our existing programs while we finalize the plans for a new CMO."
Crumpacker had previously taken a three-month leave of absence in 2016 after being arrested on charges of cocaine possession.
Crumpacker was set to receive a $600,000 retention bonus if he stayed at the company until January 5, 2019.
"Such retention bonus would vest if Crumpacker was terminated without cause," the company said in the filing. "Crumpacker is being terminated without cause."
Here's what Chipotle said in the filing about Crumpacker's resignation:
"The agreement entitles Mr. Crumpacker to cash severance totaling 26 weeks of pay at his base salary, and related benefits pertaining to post-employment extension of health insurance benefits, and also allows him a period of 12 months to exercise vested stock-only stock appreciation rights, rather than the 90-day period provided in the award agreements. The agreement further provides that Mr. Crumpacker releases any legal claims against Chipotle, will not disparage Chipotle or interfere with its relationships with customers, suppliers, shareholders or the public, and agrees to hold certain information about Chipotle confidential, subject to exceptions to ensure compliance with applicable law. The agreement also provides that for a one-year period following his resignation, Mr. Crumpacker will not (i) directly or indirectly, own, manage, operate, control, be employed, or engaged in any capacity (whether or not for compensation) by, or render services, advice, or assistance in any capacity to, a business operating fast-casual, quick-service or casual dining restaurants in the continental United States where Chipotle or any of its affiliates conduct business, or (ii) solicit or hire Chipotle’s employees, or induce any of Chipotle’s suppliers, licensees, or other business relations to cease doing business with Chipotle or interfere with the relationship between any such supplier, licensee, or other business relation and Chipotle. The agreement is subject to a customary revocation period by Mr. Crumpacker. Other previously-disclosed agreements entered into with Mr. Crumpacker and providing for post-employment payments or other benefits remain in effect as well."
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