NEWPORT BEACH, Calif., Aug. 13, 2024 /PRNewswire/ — Chipotle Mexican Grill, Inc. (NYSE: CMG) 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, the Chief Operating Officer, as Interim CEO. Boatwright, who joined Chipotle in 2017, has played a key role in advancing restaurant operations for over 120,000 employees and more than 3,500 locations. His contributions include integrating new technology, fostering a culture aligned with the company’s values, and achieving top industry retention rates, which have led to notable improvements in throughput and guest experience. Boatwright was instrumental in the leadership team that developed and executed the turnaround strategy starting in 2018, which has yielded significant results. He and the leadership team will continue to implement the company’s strategic plan seamlessly.
In addition, Jack Hartung, who recently announced his retirement from Chipotle in 2025, will stay with the company indefinitely in his new role as President of Strategy, Finance, and Supply Chain. Hartung will assist Scott Boatwright as Interim CEO and continue overseeing Adam Rymer, Vice President of Finance and incoming CFO, as well as Carlos Londono, global head of Supply Chain.
With this leadership transition, Scott Maw, Chipotle’s Lead Independent Director, has been appointed Chairman of the Board, effective immediately. Scott Maw stated, “Thanks to our robust talent planning process, we are well-prepared for events like this due to the deep bench within the organization. The board is excited to see other strong leaders expand their roles and support the growth and development of more people within the company.”
Brian Niccol, the outgoing CEO, remarked, “I’m incredibly proud of what we’ve accomplished since I joined Chipotle in 2018. The strategic priorities we’ve set have positioned Chipotle for current success and future growth. Although it’s difficult to leave such a great company and the talented people I’ve worked with, I’m confident that the business is in excellent shape and poised for continued growth with a strong leadership team.”
Scott Boatwright expressed confidence in the company’s future: “I have the utmost confidence in our five key strategies and am excited to lead the business forward. We have a world-class organization with passionate leaders who are dedicated to our brand and our goal of growing to 7,000 restaurants in North America and expanding internationally.”
About Chipotle
Chipotle Mexican Grill, Inc. (NYSE: CMG) is committed to cultivating a better world by serving responsibly sourced, classically-cooked food with wholesome ingredients free of artificial colors, flavors, or preservatives. As of June 30, 2024, Chipotle operates over 3,500 restaurants in the United States, Canada, the United Kingdom, France, Germany, and Kuwait, and is unique in its ownership and operation of all its North American and European restaurants. Chipotle is featured on the Fortune 500 and recognized on Fortune’s Most Admired Companies 2024 list and Time Magazine’s Most Influential Companies. With over 120,000 employees dedicated to delivering a great guest experience, Chipotle continues to lead and innovate in the food industry. For more information or to place an order, visit Chipotle.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995, including those concerning Chipotle’s future growth. These statements are based on current information and assumptions, and the company does not assume any obligation to update them. Risks and uncertainties could cause actual results to differ significantly, including factors such as wage inflation, labor market conditions, supply costs, food safety, reliance on IT systems, competition, regulatory changes, international expansion, and other risk factors detailed in SEC reports available on our investor relations page at ir.Chipotle.com.
SOURCE Chipotle Mexican Grill