Chipotle Taps Scott Boatwright as Interim CEO

By Adriano Marchese

Chipotle Mexican Grill has appointed its chief operating officer, Scott Boatwright, as interim chief executive in a board reshuffle after its chairman and CEO, Brian Niccol, abruptly stepped down to lead Starbucks.

Boatwright, who has been with the fast casual restaurant chain since 2017, is expected to take on the new role effective Aug. 31, the company said Tuesday.

He will be supported by Jack Hartung, who recently announced his retirement from Chipotle in 2025. Hartung has agreed to remain with the company indefinitely as president of strategy, finance and supply chain to ensure a smooth transition.

Additionally, Chipotle said it has appointed its current lead independent director, Scott Maw, as chairman of the board, effective immediately.

The changes come after Chipotle's Niccol was appointed as Starbucks' next leader at a time when the coffee chain looks to turn around its business and contend with activist investors.

News of the sudden changes sent Chipotle shares falling about 9.3% in premarket trading to $50.68.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 13, 2024 08:51 ET (12:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.