Key points:
- Roger Theodoredis earned $10.7 million in 2024, nearly triple McDonald's CLO's $3.8 million pay.
- Stock awards made up the largest portion of Theodoredis’ compensation package.
- Chipotle posted strong growth in 2024, expanding its restaurant count and revenue despite legal challenges.
Chipotle Mexican Grill revealed for the first time that its chief legal officer, Roger Theodoredis, earned $10.7 million in 2024—substantially more than McDonald’s CLO Desiree Ralls-Morrison, who earned $3.8 million, according to Corporate Counsel.
Despite Chipotle’s $11.3 billion in 2024 revenue—less than half of McDonald’s $25.9 billion—the fast-casual chain’s top legal officer emerged as one of the highest paid CLOs in the food industry. The disclosure comes as Theodoredis, 66, was newly designated as a named executive officer, requiring public reporting of his compensation under SEC rules.
Theodoredis’ 2024 compensation included:
- Stock awards: $7.4 million (vesting over multiple years)
- Stock options: $1.5 million
- Non-equity incentive compensation: about $1 million
- Base salary: $641,923
Theodoredis has served as Chipotle’s CLO since 2018, and according to the company's proxy filing, he was credited in 2024 for “defending and resolving significant litigation matters,” managing legal department costs below budget, leading initiatives to reduce workplace injuries, and strengthening governmental relationships.
Chipotle’s legal department has been busy. Last year alone, it settled shift change and sick leave violations with the city of Seattle for $2.9 million, resolved over 800 child labor law claims in D.C. for $322,400, and continued to battle union-related complaints before the National Labor Relations Board. These issues followed the company's historic $25 million food safety settlement with the Department of Justice in 2020—the largest-ever penalty of its kind.
Nevertheless, Chipotle posted a strong financial year in 2024. The chain added 300 new restaurants, saw a 14.6% increase in revenue, and boosted comparable restaurant sales by 7.4%. Net profit surged to $1.53 billion from $1.23 billion in 2023, helping to support generous executive compensation.
Before joining Chipotle, Theodoredis served as general secretary of Danone North America and was general counsel of WhiteWave Foods, which Danone acquired in 2017. His earlier career included senior legal roles at Mead Johnson Nutritionals and Chiquita Brands International.
