In 2015, Chipotle stock hit its peak price of about $758 per share, and
executives owned stock options worth millions. Since then, the stock has
plunged more 60 percent and executives have lost millions.
For example, CEO Steve Ells lost $37.5 million worth of stock options,
CFO Jack Hartung lost $34.8 million, and CMO Mark Crumpacker lost $10.7
million. In total, the four top executives at Chipotle, including former
co-CEO Montgomery Moran, lost $225 million during the stock price
plunge. These options were all granted before 2014 as Chipotle stopped
issuing stock appreciation rights after shareholders criticized them as
being too large and not linked to performance.
