Why Chipotle CEO Ells Had to Go
It's hard to question Chipotle Mexican Grill, Inc. (NYSE: CMG) founder Steve Ells' status as a visionary. Nonetheless, the market was glad to see him go when he announced his departure Wednesday.
Chipotle shares popped after investors learned the news that Ells would be moving on into the executive chairman seat as the company begins a search for his replacement. Ells presided over an epic collapse in Chipotle's stock and its brand over the past two years, starting with the E. coli outbreak in late 2015 and ending with a much-maligned queso launch in September and a disappointing earnings report in October.
While Chipotle stock is still up more than 500% since its IPO, the erosion in value over the past two years, especially after this summer's norovirus outbreak and the queso fail, signaled it was time for Ells to move on.
Source: Fool.com
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