Brian Niccol, CEO of Chipotle Mexican Grill.
Adam Jeffery | CNBC
Chipotle stock fell roughly 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 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.
Chipotle has seen strong same-store sales growth and traffic while other restaurants have reported that consumers are pulling back on customer spending.
Chipotle reported second-quarter earnings in 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.
Before taking over at Chipotle, Niccol was the CEO at Yum Brands’ Taco Bell.
— CNBC’s Amelia Lucas contributed to this report.
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