11:19 AM EDT, 08/13/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

Chipotle Mexican Grill's ( CMG ) Shares fell over 10% in recent trading on Tuesday after the company said its board has appointed Chief Operating Officer Scott Boatwright as interim chief executive, effective Aug. 31.

Current CEO Brian Niccol is leaving the company to become chair and CEO of Starbucks ( SBUX ) .

Additionally, Chipotle said Lead Independent Director Scott Maw has been named chair.

The company also said Chief Financial Officer Jack Hartung will stay with the company as president of strategy, finance and supply chain for an indefinite period to support the transition. Chipotle said last month that Hartung had decided to retire and would stay until March 31.

Price: 49.45, Change: -6.42, Percent Change: -11.50