Franchise Equity Group

December 19, 2016

Chipotle Adds Another McDonald's Guy to Board

Remember when activist investor Bill Ackman tried to get McDonald's to spin off some
of its real estate and McOpCos? At the time the CFO of McDonald's was one Matthew Paull.

Soon after Paull "retired" from McDonald's he ended up working at Ackman's investment 
firm. Ackman has taken a position in Chipotle and has put Paull on the Chipotle board of
directors.

Humorously, this is supposed to give Chipotle someone with restaurant experience. Trouble 
is, Paull was the chief financial officer at McDonald's. He knows as much about restaurant 
operations as Jack Greenberg knew.

And, from day one there have been two former McDonald's execs. on the Chipotle board, 
Pat Flynn and John Charlesworth. If McDonald's experience can fix Chipotle those two
guys should have already gotten it done.

Chipotle Adds Four Board Members in Ackman-Endorsed Shake-Up - Bloomberg
.

December 16, 2016

McDonald's, Uber Partner On Delivery

Still wondering - if a franchisee has a third party deliver food, who's responsible
for quality, food safety, and system standards?

Consumer News - Crain's Chicago Business
.

December 12, 2016

Two Takes on Chipotle's Burger Business

Our friendly analyst Mark Kalinowski recently visited Chipotle's "Tasty Made".
His report is covered in these two articles.

Tasty Made Changes Beef & Prices - βurgerβusiness

NRN on Tasty Made
.