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Brian Niccol
Chipotle Mexican Grill, Inc. has suddenly lost their star CEO, Brian Niccol. The chain announced on August 13 that Niccol has accepted the role as chairman and CEO of Starbucks and will be leaving the Chipotle effective August 31, 2024. Niccol has served as Chipotle's CEO since 2018 and as chairman of the board since 2020.
The news unsettled stock holders, and the company’s shares dropped 7.5 percent on Tuesday, which is its worst one-day performance in over a year. Chipotle’s stock has performed well under Niccol’s leadership – it climbed 773 percent during his tenure – so it’s not a surprise that shareholders are concerned, according to a Dow Jones Marketwatch report.
“Some Wall Street analysts think Chipotle (CMG) will be fine longer-term, but nonetheless raised questions about its path forward, and said the suddenness and swiftness of the change caught them off-guard,” the Dow Jones Marketwatch report said.
Chipotle's Board of Directors has appointed Scott Boatwright, COO, as interim CEO. Boatwright joined Chipotle in 2017. He led the integration of new technology into restaurants, built a strong culture aligned to the organization's values, and achieved industry-leading retention rates.
In addition, Jack Hartung, who recently announced his retirement from Chipotle in 2025, has agreed to remain with the organization indefinitely as president of strategy, finance and supply chain to ensure a smooth transition.
"I'm incredibly proud of the work that has been accomplished since I joined Chipotle in 2018," said Niccol in a press statement from Chipotle. "The strategic priorities this team has put in place have positioned Chipotle to win today and enable future growth. It's hard to leave such a great company and all of the talented people I've had the pleasure to work with, but I depart knowing the business is in great shape and poised for growth with a strong, experienced leadership team."
Boatwright added: "I have the utmost confidence in our five key strategies and I'm excited for the new opportunity to lead the business moving forward. We have a world-class organization full of talented leaders who are passionate about our brand and purpose and excited for the long-term opportunity to grow to 7,000 restaurants in North America and expand internationally."
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