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Chipotle's Chief Marketing And Strategy Officer Resigns

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Chipotle's Chief Marketing And Strategy Officer Resigns
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Chipotle Mexican Grill, Inc. (NYSE: CMG), led by new CEO Brian Niccol, said Wednesday it has parted ways with Chief Marketing and Strategy Officer Mark Crumpacker. 

What Happened

Crumpacker is leaving Chipotle after nine years on the job, the company confirmed in a regulatory filing. The 8-K document does not offer a reason why the executive is leaving the job, and it is unclear whether he resigned or was forced out.

A vague statement comment from the company on the exec's departure may raise more questions than answers.

"Mark has been a valued member of our leadership team and played an integral role in shaping and defining the Chipotle brand, and we thank him for his contributions," a company spokesperson told CNBC.

Crumpacker pleaded guilty to a misdemeanor cocaine possession charge last year, with dismissal of the charge contingent upon rehabilitation. He was placed on leave by Chipotle before returning to the job, the CNBC report said. 

Why It's Important

Chipotle's multiple food-related illness outbreaks over the years leave many investors on edge. Chipotle's stock hit a daily low of $318.12 in reaction to news of Crumpacker's departure. Shares were down 2.4 percent at $318.96 at the time of publication Wednesday afternoon. 

What's Next

The regulatory filing makes no mention of a replacement for Crumpacker. The Chipotle spokesperson told CNBC it has a "very talented marketing team in place, and we'll continue our existing programs while we finalize the plans for a new CMO."

While a search may or not may underway, Chipotle's executive team is likely sticking to its core focus. The company's new CEO Niccol said when he was appointed that his main focus will be "dialing up Chipotle's cultural relevance through innovation in menu and digital communications."

Related Links:

Stifel Sees Reboot Opportunity For Chipotle, Upgrades From Sell To Hold

What Does Wall Street Think Of Chipotle's New CEO?

Photo by CW221/Wikimedia. 

Posted-In: Brian Niccol Casual Fast Food Mark CrumpackerNews Restaurants Management Trading Ideas General Best of Benzinga

 

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