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Steve Ells Returns To Sole Chipotle CEO Role; What Should We Expect?

Steve Ells Returns To Sole Chipotle CEO Role; What Should We Expect?

Chipotle Mexican Grill, Inc. (NYSE: CMG) investors are hoping a change in the company's management structure could provide the necessary jolt needed to reverse the stock's year-to-date decline of more than 20 percent.

Chipotle announced Monday its founder Steve Ells will now assume the sole CEO title after former co-CEO Monty Moran stepped down, effective immediately, and will fully retire from the company next year.

The announcement comes barely a week after the stock had one of its worst trading days in all of 2016.

Ells is a classically trained chef and grew the company to its more than 2,200 locations. As sole CEO and chairman of the board of directors, he will directly oversee all restaurant operations, strategic initiatives and innovation projects.

What To Expect?

Ells detailed some of his plans in the company's press release. First, the executive will pursue employee incentives that are more directly linked to the guest experience. He also reaffirmed the company's commitment toward serving clients better ingredients and hinted of a new mission to "ensure that better food, prepared from whole, unprocessed ingredients is accessible to everyone."

The new mission is a follow-up on the Chipotle's prior mission, which was to "change the way people think about and eat fast food."

A conference call is scheduled for 5:00 p.m. ET Monday, in which the company's management team will further discuss the new corporate structure.

At last check, shares of Chipotle were up 2.02 percent at $376.49.

Posted-In: Monty Moran Steve EllsNews Restaurants Management Movers General Best of Benzinga


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