Chipotle founder Steve Ells steps down from board, CEO Niccol adds chairman title

Brian Niccol, CEO of Chipotle Mexican Grill

Adam Jeffery | CNBC

Chipotle Mexican Grill founder Steve Ells has stepped down from the chain’s board and relinquished his title of government chairman immediately after recent CEO Brian Niccol was named chairman.

“Brian has tested that he is totally the appropriate particular person to guide Chipotle ahead and I’ve in no way been far more assured about the long run of this wonderful enterprise,” Ells explained in a statement. “I am especially grateful to the employees and our valued buyers around the last 27 several years who helped make Chipotle the unmatched manufacturer in speedy everyday dining it is now.”

Ells served as main government of Chipotle until November 2017. He established the burrito chain in 1993, opening the first area in the vicinity of the University of Denver campus and escalating it to much more than 2,000 spots.

Niccol became Chipotle’s CEO in early March. Below his leadership, the restaurant has viewed its gross sales rebound and its inventory rate attain all-time highs. 

Chipotle also introduced Friday that Matthew Paull and Paul Cappuccio will not stand for re-election to the board at the company’s once-a-year shareholder conference. 

Chipotle shares have been down more than 2% in premarket buying and selling, against a backdrop of prevalent promoting. 

This is a breaking news tale. Please examine back again for updates.

Resource hyperlink