financetom
Business
financetom
/
Business
/
Chipotle Mexican Grill names Scott Boatwright as permanent CEO
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Chipotle Mexican Grill names Scott Boatwright as permanent CEO
Nov 11, 2024 10:21 AM

(Reuters) -Chipotle Mexican Grill ( CMG ) on Monday named interim boss Scott Boatwright as permanent CEO of the burrito chain, months after Brian Niccol exited the role to take the top job at Starbucks ( SBUX ).

Boatwright steps in at a time when restaurants across the United States are battling weak consumer demand in the face of higher menu prices.

In October, Chipotle missed market expectations for third-quarter same-store sales growth and maintained its growth target for annual comparable restaurant sales.

Executives said on a post-earnings call that Niccol's exit was "not expected."

Boatwright, who will take on the role effective immediately, was Chipotle's operating chief prior to being appointed its interim CEO in August.

After five years under Niccol's leadership, sales in the burrito chain doubled, while its stock tripled.

A veteran in the restaurant industry, Boatwright spent 18 years with Arby's Restaurant Group in various leadership positions before he joined Chipotle in 2017.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Wedbush Cautious on Advance Auto Parts' Q3 Results, Expects Weak DIY Sales
Wedbush Cautious on Advance Auto Parts' Q3 Results, Expects Weak DIY Sales
Nov 11, 2024
09:14 AM EST, 11/11/2024 (MT Newswires) -- Wedbush said Monday that it is cautiously optimistic about Advance Auto Parts' ( AAP ) Q3 earnings, which are due on Thursday, and expects modestly weaker results from the RemainCo business following the sale of Worldpac. Based on our review of the historical pro forma financials, as well as our view of weakening...
Sector Update: Consumer Stocks Mixed Pre-Bell Monday
Sector Update: Consumer Stocks Mixed Pre-Bell Monday
Nov 11, 2024
09:13 AM EST, 11/11/2024 (MT Newswires) -- Consumer stocks were mixed pre-bell Monday with the Consumer Staples Select Sector SPDR Fund ( XLP ) marginally lower and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) recently up 1.5%. Amazon.com ( AMZN ) is developing smart eyeglasses that will help its delivery drivers navigate the last 100 yards to...
Breton Eyes Big Haul From Investors With Hong Kong IPO Plan
Breton Eyes Big Haul From Investors With Hong Kong IPO Plan
Nov 11, 2024
Much has been written about the huge potential of electric cars from China, including recent controversy over whether they receive unfair state support. But far less ink has gone to the smaller market for electric industrial vehicles like loaders and dump trucks, which also has big potential on growing demand from property, infrastructure and resource developers. Breton Technology Co. Ltd. is...
Ainos Receives Taiwan Hospital's Approval for Veldona Trial in Sjogren's Syndrome
Ainos Receives Taiwan Hospital's Approval for Veldona Trial in Sjogren's Syndrome
Nov 11, 2024
09:13 AM EST, 11/11/2024 (MT Newswires) -- Ainos (AIMD) said Monday it has received approval from the Institutional Review Board of Shuang Ho Hospital in Taiwan for the conduct of a clinical study of Veldona to treat Sjogren's syndrome. The company said it intends to submit to Taiwan's Food and Drug Administration by the end of this year and expects...
Copyright 2023-2026 - www.financetom.com All Rights Reserved