August 13, 2024 - $Chipotle Mexican Grill (CMG.US)$ shares slumped 7.64% to $51.60 in pre-market trading on Tuesday. The company today announced that Brian Niccol, Chairman and Chief Executive Officer, has accepted the role as Chairman and Chief Executive Officer of Starbucks and will be leaving the Company effective August 31, 2024. Niccol has served as Chipotle's CEO since 2018 and as Chairman of the Board since 2020.
Chipotle's Board of Directors has appointed Scott Boatwright, Chief Operating Officer, as Interim CEO. Boatwright joined Chipotle in 2017 and has been instrumental in driving restaurant operations for the company's more than 120,000 employees and over 3,500 restaurants. He also led the integration of new technology into restaurants, built a strong culture aligned to the organization's values, and achieved industry-leading retention rates yielding impressive results and improvements in throughput and the overall guest experience. Boatwright played a critical role as part of the leadership team that created and executed the turnaround strategy that has delivered incredible results since it began in 2018. Boatwright and the esteemed leadership team will continue to execute the company's strategic plan without interruption.
With this leadership change, Scott Maw, Chipotle's Lead Independent Director, has been named Chairman of the Board, effective immediately. "Thanks to our robust talent planning process, we are well-prepared for events like this due to the deep bench within the organization," said Scott Maw, Chipotle's Chairman of the Board. "The board is excited to see other strong leaders expand their roles and provide growth and development for more people in the organization," added Maw.
"I'm incredibly proud of the work that has been accomplished since I joined Chipotle in 2018," said Brian Niccol. "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."
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