The company is responding to investor demands for a board refresh.
DENVER – After naming Steve Ells the sole CEO, Chipotle now has four new members on its board of directors.


Paul T. Cappuccio, Robin S. Hickenlooper, Ali Namvar and Matthew Paull joined the board effective Dec. 14. The new directors will serve an initial term through the company’s 2017 annual shareholders meeting. The board currently has 12 members.

Chipotle also announced that the company and one investor, Pershing Square Capital Management LP, have agreed to “various provisions” that will extend at least to the 2019 shareholders meeting. Details of the provisions will be filed in a Current Report on Form 8-K with the Securities and Exchange Commission.

“Chipotle has enjoyed extraordinary success for most of our 23-year history, and it is important to us that we structure the company to enjoy similar success in the future,” Ells, founder, chairman and CEO of Chipotle said. “The addition of these new directors strengthens our board of directors, and gives us the oversight, accountability and leadership we need as we continue our efforts to reestablish Chipotle as the leader we have been for much of our history.”

Cappuccio is executive vice president and general counsel of Time Warner, a post he has held since 2001. Cappuccio oversees worldwide management of Time Warner’s legal functions. From 1999 to 2001, Cappuccio served as senior vice president and general counsel at America Online. Before joining AOL, he was a partner at the Washington, DC office of law firm Kirkland & Ellis, where he specialized in telecommunications law, appellate litigation and negotiation with government agencies. He was Associate Deputy Attorney General at the US Dept. of Justice from 1991 to 1993. He advised Attorney General William P. Barr on matters relating to judicial selection, civil litigation, antitrust and civil rights. Cappuccio earned a law degree from Harvard Law School in 1986, and a Bachelor’s degree from Georgetown Univ. in 1983.

Hickenlooper currently is senior vice president of Corporate Development at Liberty Global, an international telecommunications company. While at the company she has served in senior corporate development roles since 2010. Hickenlooper also serves as senior vice president of Corporate Development for Liberty Media. Before joining Liberty, Hickenlooper worked in the strategic planning and business development group at Del Monte Foods and in investment banking at Thomas Weisel Partners. She earned a master’s degree in business administration from the Kellogg School of Management at Northwestern Univ., and a bachelor’s degree in public policy from Duke Univ.

Namvar is a partner at Pershing Square Capital Management. He is a registered investment advisor with more than $11 billion in asset under management and currently Chipotle’s largest investor. Namvar is credited with playing an instrumental role in a number of Pershing Square investments over the years, including its significant equity stakes in Fortune Brands, Beam, McDonald’s, Procter & Gamble, Wendy’s International, Kraft Foods and Mondelez International, among others. He holds a bachelor of arts from Columbia Univ., New York, and a master’s degree in business administration from the Wharton School at the Univ. of Pennsylvania.

Paull brings to the board significant experience in the restaurant industry and financial expertise, including a deep understanding of financial markets, corporate finance, accounting and controls and investor relations. He served as senior vice president and CFO of McDonald’s Corp. from 2008 to2011when he retired from the company. Paull previously served on Chipotle’s Board when it was owned by McDonald’s. He currently serves as a member of the board of Air Products, a member of the board of Canadian Pacific; and a member of the board of KapStone Paper and Packaging Corp. Paull holds bachelor’s and master’s degrees in accounting from the Univ. of Illinois.

“We are pleased that Chipotle has taken the important step of refreshing its board which will position the company for continued growth and long-term success,” said William A. Ackman, CEO of Pershing Square Capital Management in a statement. “We look forward to working with the board and management to create sustained value for all shareholders for many years to come.”