Chipotle CEO's 2020 pay more than doubles, as COVID-related PSU modifications provided a $23 million boost

Chipotle Mexican Grill Inc. disclosed in its proxy statement filed Monday that Chief Executive Brian Niccol's 2020 compensation more than doubled from the year before, as stock awards jumped fivefold amid COVID-related modifications. Niccol's total compensation was $38.04 million in 2020, up from $16.07 million in 2019. That included an increase in base salary to $1.24 million from $1.20 million,

Chipotle CEO's 2020 pay more than doubles, as COVID-related PSU modifications provided a $23 million boost

Chipotle Mexican Grill Inc. disclosed in its proxy statement filed Monday that Chief Executive Brian Niccol's 2020 compensation more than doubled from the year before, as stock awards jumped fivefold amid COVID-related modifications. Niccol's total compensation was $38.04 million in 2020, up from $16.07 million in 2019. That included an increase in base salary to $1.24 million from $1.20 million, a jump in the value of stock awards to $29.22 million from $5.70 million and a rise in the value of option awards to $4.00 million from $2.73 million. Elsewhere, non-equity incentive plan compensation fell to $3.15 million from $3.87 million while "all other compensation" declined to $420,529 from $2.57 million. For Niccol, all other compensation included 195,977 in company compensation to retirement plans, $129,072 for personal aircraft use and $50,031 for temporary security detail. Meanwhile, total 2020 compensation excluding COVID-related modifications to performance share units (PSUs) was $14.81 million. Mexican food restaurant chain's stock rose 0.6% in midday trading and has tacked on 4.4% year to date. It soared 65.7% in 2020, including a 21.8% tumble in the first quarter followed by a 112% surge in the final three quarters, after running up 93.9% in 2019. In comparison, the SPDR Consumer Discretionary Select Sector ETF advanced 28.2% in 2020 and the S&P 500 gained 16.3%.