Chipotle stock fell 10% in premarket trading Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks.
Niccol has been CEO since March 2018 and led the company through a foodborne illness scandal and the pandemic.Niccol began as Chipotle CEO in March 2018. Chipotle stock has risen more than 700% since since he took over.
Chipotle's board named Chief Operating Officer Scott Boatwright as interim CEO. He's been at the company since 2017. The board also announced that Chief Financial Officer Jack Hartung, who had announced his intention to retire, would stay with the company indefinitely and assist with the transition. "What we saw with Brian was someone who's, quite honestly, been there done that — through all sorts of market environments, all sorts of cycles," Mellody Hobson, who was the board chair at Starbucks but stepped down to become lead independent director as part of Tuesday's changes, said on CNBC'sin July that topped analyst estimates, with $2.97 billion in revenue. Net sales climbed 18.2% during the quarter, with same-store sales up 11.1%.
Niccol helped lead Chipotle through a foodborne illness scandal and oversaw the chain of restaurants during the pandemic. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyStarbucks and activist Elliott met last week to discuss settlement, sources say
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