Chipotle names Scott Boatwright as permanent CEO By Reuters

(Reuters) -Chipotle Mexican Grill on Monday named interim boss Scott Boatwright as eternal CEO of the burrito chain, months after Brian Niccol exited the feature to rob the tip job at Starbucks (NASDAQ:).

In a surprise announcement in August, Starbucks named Niccol as its current CEO, leaving the burrito chain below Boatwright, who has vowed to grow the firm to 7,000 restaurants in North The US and extend internationally.

Boatwright steps in at a time when restaurants across the US are struggling with frail consumer question in the face of elevated menu prices.

Chipotle (NYSE:)’s stock misplaced $6 billion in market worth true now after Niccol’s departure. Since then, shares fill risen about 14%.

The firm said in an announcement on Monday that it had named Boatwright as CEO, efficient true now, following “an intensive and rigorous external search process.”

Niccol modified into as soon as credited with helping revive Chipotle’s sales and profit by ushering in menu merchandise improvements and removing inconsistencies in flavor across the firm’s U.S. restaurants.

After 5 years below Niccol’s leadership, sales in the burrito chain doubled, whereas its stock tripled.

Boatwright modified into as soon as Chipotle’s operating chief earlier than being appointed its interim CEO in August.

He worked intently with Niccol to additionally steer the firm out of a disaster and receive consumer belief following a extreme E. coli and salmonella outbreak in 2015.

A stale in the restaurant industry, Boatwright spent 18 years with Arby’s Restaurant Group (LON:) in various leadership positions earlier than becoming a member of Chipotle in 2017.

In October, Chipotle overlooked market expectations for third-quarter same-store sales enhance and maintained its enhance goal for annual similar restaurant sales.