Chipotle to speed up CFO transition after C-suite shakeup

By Bill Peters

Adam Rymer will become the company's new chief financial officer on Oct. 1

Chipotle Mexican Grill Inc. said Wednesday that it was speeding up its leadership changeover process, after its top ranks were shaken up by its chief executive's pending departure for Starbucks Corp. and its chief financial officer's plans to retire.

The fast-casual Mexican chain said that Adam Rymer would become the company's new chief financial officer on Oct. 1. When the company last month said that longtime CFO Jack Hartung, would retire, it said Rymer would take over that role on Jan. 1.

Hartung, meanwhile, will stay on with Chipotle (CMG) "indefinitely," as president and chief strategy officer, starting Oct. 1. Hartung was initially planning to retire on March 31, 2025.

The announcement of the moves was made after Chief Executive Brian Niccol, who had helped lead a turnaround at Chipotle, said he would leave the chain for Starbucks (SBUX), with hopes of leading a turnaround there, as the coffee chain faces a reluctant, inflation-weary consumer and competition overseas. Chipotle, meanwhile, has fared better. Niccol is set to leave Chipotle on Aug. 31.

Scott Boatwright will serve as Chipotle's interim CEO.

Chipotle on Wednesday also said that Jamie McConnell will take on the role of chief accounting and administrative officer on Oct. 1 as well.

Shares of Chipotle were down 0.4% after hours on Wednesday, after finishing 0.7% lower in the regular session. The stock is up 21.9% so far this year.

-Bill Peters

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08-28-24 1739ET

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