Chipotle CFO Jack Hartung explains why the chain announced a massive stock split in an interview with CNBC’s Jim Cramer.
Chipotle CFO Jack Hartung explains why the chain announced a massive stock split in an interview with CNBC's Jim Cramer."We study this every year or so, we have our bankers come in, we talk about the pros and cons of doing the split," Hartung said."And cost was never really a big problem for us, but we couldn't really find a compelling reason until recently."
Stock splits allow companies to increase their shares but not decrease their value. Chipotle in late March proposed a 50-for-1 stock split, meaning shareholders will gain 49 shares for every one they already own. The split is set to be completed in June, CNBCHartung said"it was getting harder and harder for us to get the right denomination," when rewarding employees with stock, but he said Chipotle wants them to be able to"celebrate our success with us.
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