Steve Ells Net Worth

What Is Steve Ells' Net Worth and Salary?

Steve Ells is an American businessman who has a net worth of $500 million. Steve Ells earned his fortune as the founder of Chipotle Mexican Grill.

During his time serving as CEO of Chipotle, Ells earned a total of $116.1 million in salary and bonuses. His highest earning year was 2014, when he earned $29 million. He resigned as CEO in 2017.

As of this writing, Steve Ells owns 208,339 shares of Chipotle Mexican Grill Inc. (CMG) stock. When CMG's stock price crossed $2,000 in June 2023, Steve's stake was worth a little over $400 million on paper. He has sold a total of 268,339 shares over the years for hundreds of millions in pre-tax proceeds. The most recent sale was on February 28, 2020, when he sold 119,104 shares for $795.53 per share. The total proceeds from the sale were $95,359,040.

Compensation and Career Earnings

Over his tenure at Chipotle, Ells earned approximately $116.1 million in salary, bonuses, and stock-based compensation. His pay was heavily weighted toward equity, which amplified both its value and the controversy surrounding it.

Key compensation years include:

• 2013: $25.1 million, sparking widespread shareholder backlash
• 2014: $28.9 million, his highest earning year
• 2015: $13.8 million, following major cuts tied to company performance
• 2016: $15.6 million, including $1.5 million base salary and substantial equity awards

These figures placed him among the highest-paid executives in the restaurant industry during his tenure.

Chipotle Equity and Net Worth

Ells' fortune today is driven primarily by his remaining Chipotle stake.

Before stepping down from the board in 2020, SEC filings showed he owned approximately 208,339 shares on a pre-split basis. In June 2024, Chipotle executed a 50-for-1 stock split, which increased his equivalent holdings to roughly 10.4 million shares.

As of March 2026, Chipotle trades at approximately $34 per share, giving the company a market cap of around $44 billion. At that price, Ells' stake would be worth roughly $350 million, assuming he has not sold shares since 2020.

At the stock's recent peak in late 2024, when Chipotle traded at roughly double its current price and market cap approached $80 billion, his stake would have been worth approximately $700 million.

Based on these fluctuations, Ells' net worth is estimated at around $500 million, though the exact figure depends heavily on Chipotle's stock performance and any private share sales.

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Early Life

Steve Ells was born on September 12, 1966, in Indianapolis, Indiana. His father worked as a pharmaceutical executive, and the family later moved to Colorado. Ells attended Boulder High School and went on to study art history at the University of Colorado Boulder, where he earned a Bachelor of Arts degree.

After college, he pivoted toward the culinary world and enrolled at the Culinary Institute of America in Hyde Park, New York. He graduated in 1990 and moved to San Francisco, where he worked as a sous chef under celebrated chef Jeremiah Tower at the renowned Stars restaurant. It was during this time that Ells became inspired by the Mission District's taquerias, which would directly influence his future business.

The Birth of Chipotle

In 1993, Ells opened the first Chipotle location in Denver, using $85,000 borrowed from family and friends. His original plan was modest. He intended to use the restaurant to fund a future fine dining concept. He estimated he would need to sell 107 burritos per day to break even. Within a month, the restaurant was selling more than 1,000 burritos daily.

Encouraged by the overwhelming demand, Ells abandoned his fine dining ambitions and focused entirely on expanding Chipotle. He opened a second location in 1995 and steadily grew the concept throughout Colorado. By the late 1990s, Chipotle had attracted investment from McDonald's, which became a major backer and helped accelerate national expansion.

By 2005, Chipotle had grown to more than 500 locations. In January 2006, the company went public in one of the most successful restaurant IPOs in years, with the stock doubling on its first day of trading. Later that year, McDonald's fully exited its investment, turning an initial $360 million stake into approximately $1.5 billion.

Leadership, Expansion, and Controversy

Throughout Chipotle's rise, Ells held multiple leadership roles, including CEO and chairman. In 2009, Monty Moran was promoted to co-CEO, a structure that lasted until 2016, when Ells again became sole CEO.

Chipotle's rapid growth was accompanied by controversy. In 2010, the company faced scrutiny after an immigration audit found that some employees had used fraudulent documents. Ells responded by overhauling hiring practices and bringing in high-profile legal and regulatory advisors.

More significantly, Ells became a lightning rod for criticism over executive compensation. By the early 2010s, he and Moran had collectively earned more than $300 million. In 2013, Ells received $25.1 million in compensation, triggering a major shareholder revolt. In a subsequent "say-on-pay" vote, more than 75% of investors rejected the company's executive compensation plan.

Despite the backlash, his pay peaked in 2014 at $28.9 million, a figure that drew headlines for being over 1,500 times the median employee salary. Compensation was later reduced following investor pressure and the financial fallout from Chipotle's 2015 food safety crisis, which included E. coli and norovirus outbreaks.

Ells stepped down as CEO in 2017, with Brian Niccol taking over in early 2018. He remained chairman until March 2020, when he fully severed ties with the company.

Other Ventures

After leaving Chipotle, Ells founded Kernel, a food technology company focused on automation and robotics in the kitchen. The venture aims to reduce labor costs and improve efficiency by using robotic systems to prepare food.

While still in its early stages, Kernel represents Ells' continued interest in reshaping the restaurant industry, this time through technology rather than traditional operations.

Personal Life 

Ells is single and has not previously been married. He has not been public about his personal life, preferring to keep details of possible relationships discreet.

Real Estate

Ells has made several high-profile real estate investments. In 2014 and 2015, he spent a combined $32.5 million acquiring and merging two properties in New York City into a single large residence.

In November 2021, he purchased a townhouse in Manhattan's West Village for $30 million. Just six months later, he sold the property for $35 million, generating a quick $5 million gain.

He previously owned a custom-built home in Denver, which he sold in 2008 for $3.5 million.

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