Nov
29
Chipotle CEO Stepping Aside as Company He Started Needs Help
Posted in: Uncategorized
Shares in Chipotle Mexican Grill rallied after founder Steve Ells agreed to step down as CEO, clearing the way for a new leader with the operational expertise that the burrito chain says will help pull it out of a two-year slump.
Ells, a trained chef who started the company in 1993, will hand over the reins once a new CEO is found, Chipotle said Wednesday. He will continue as head of the board, taking the title of executive chairman.
Chipotle has struggled to bounce back from an E. coli crisis in 2015 that sickened customers around the U.S. While the company had begun to restore its reputation in the past year, a norovirus incident in Virginia and a viral video of mice at a Dallas location sparked a fresh round of negative headlines.
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