Net Worth Ranker
What Is Steve Ells’ Net Worth?
Steve Ells, the founder of Chipotle Mexican Grill, has accumulated a significant net worth estimated at $500 million. This substantial wealth is primarily derived from his successful tenure at Chipotle, encompassing his salary, bonuses, and stock ownership.
Steve Ells’ Compensation and Chipotle Stock Holdings
During his time as CEO of Chipotle Mexican Grill, Steve Ells received a total of $116.1 million in salary and bonuses. His highest earning year was 2014, during which he earned $29 million. Steve Ells possesses a considerable stake in Chipotle Mexican Grill Inc. (CMG) stock. As of the time when CMG’s stock price crossed $2,000 in June 2023, Steve’s stake was worth slightly over $400 million. Over the years, he has sold a total of 268,339 shares, generating hundreds of millions in pre-tax proceeds. The most recent sale occurred on February 28, 2020, when he sold 119,104 shares at $795.53 per share, resulting in total proceeds of $95,359,040.
Early Life and Education
Steve Ells was born on September 12, 1966, in Indianapolis, Indiana. He spent his youth in Colorado. He attended Boulder High School and subsequently earned a Bachelor of Arts degree in Art History from the University of Colorado at Boulder. Steve was also a member of the Delta Chi fraternity. He later enrolled at the Culinary Institute of America in Hyde Park, New York, from which he graduated in 1990.
Early Career
After graduating from culinary school, Steve Ells served as a sous chef under Jeremiah Tower at Stars restaurant in San Francisco for two years. Inspired by the popularity of taquerias and San Francisco-style burritos in the city’s Mission District, he began to develop his own restaurant concept.
Chipotle’s Inception and Growth
Using $85,000 borrowed from family and friends, Steve Ells opened the first Chipotle restaurant near the University of Denver campus in Denver, Colorado. Initially, he calculated that selling 107 burritos per day would be necessary to achieve profitability. However, within a month, the restaurant was selling 1,000 burritos per day. Ells officially launched Chipotle in 1993, making it one of the first fast-casual dining establishments. The restaurant specialized in made-to-order tacos, burritos, and bowls. By 1998, the chain had expanded to 16 locations in Colorado, attracting the attention of McDonald’s Corporation, which became a major investor. In the same year, Steve Ells opened the first Chipotle Mexican Grill outside of Colorado in Kansas City, Missouri. McDonald’s became Chipotle’s largest investor by 2001. By 2005, Ells had opened over 500 Chipotle locations around the country.
Leadership Roles at Chipotle
Throughout the expansion of Chipotle, Steve Ells served as the president, COO, CEO, and chairman. In March 2005, Monty Moran was appointed president and COO, while Ells remained chairman and CEO. In January 2006, Chipotle went public, with the share price increasing twice due to high pre-IPO demand. The stock rose exactly 100% on its first day, marking the best U.S.-based IPO in six years. McDonald’s fully divested from Chipotle in October 2006, walking away with $1.5 billion after originally investing $360 million in the company.
Expansion and Co-CEO Role
In 2008, Chipotle expanded internationally, opening its first location outside of the United States in Toronto. In January 2009, Monty Moran was promoted to co-CEO, sharing the position with Steve Ells. By 2011, Chipotle restaurants were serving approximately 750,000 customers per day.
Controversies and Executive Compensation
In 2010, Chipotle faced an audit by U.S. Immigration and Customs Enforcement, which found that some employees had been hired using fraudulent documents. The company launched an investigation and hired high-profile attorneys and the former director of ICE for its defense. In 2013, “The New York Times” reported that Steve Ells was paid over $25 million, more than equivalent executives of companies like Ford, Boeing, and AT&T. By the early 2010s, Ells and Moran had been paid more than $300 million in compensation. In May 2014, shareholders rejected a plan to further increase the executives’ wages.
Resignation and Departure from Chipotle
In December 2016, Steve Ells became the sole CEO of Chipotle when Monty Moran stepped down. A year later, Ells announced his own departure as CEO. In February 2018, Taco Bell CEO Brian Niccol replaced Ells, although Steve retained his chairman position. In March 2020, Steve Ells severed all ties with the chain when he resigned as chairman and departed from the board of directors.
Other Ventures and Television Appearance
Outside of Chipotle, Steve Ells served as a judge on the television show “America’s Next Great Restaurant” in 2011, joining the investment panel alongside Bobby Flay, Curtis Stone, and Lorena Garcia. However, he became disillusioned with the experience after not having previously watched reality television.
Personal Life
Steve Ells is single and has never been married. He has maintained a discreet personal life, avoiding public disclosure of relationship details.
Real Estate Investments
Steve Ells made significant real estate investments in New York City. In 2014 and 2015, he acquired two buildings for a total of $32.5 million and combined them into one mega-mansion. In November 2021, Steve Ells paid $30 million for a townhouse in NYC’s West Village and sold this townhouse for $35 million just six months later. In 2001, he custom-built a mansion in Denver, which he sold in 2008 for $3.5 million.
