Shares of burrito chain Chipotle (NYSE: CMG) tumbled as much as 14% Tuesday morning after CEO Brian Niccol stunned the industry by announcing his departure to take the top job at Starbucks (NASDAQ: SBUX).
That sell-off wiped roughly $10 billion from Chipotle's market value, showing how respected Niccol is after turning the business around from its E. coli scandal and guiding the stock to monster returns. Starbucks, meanwhile, rocketed 21% higher on the news, adding $20 billion in market cap -- a $30 billion swing altogether.
Not many CEOs would have that kind of impact by hopping jobs, but Niccol is rightly regarded as one of the top leaders in the industry and a turnaround specialist after his work at Chipotle, where he took over a company that had languished for years due to the aforementioned E. coli outbreak.
Source Fool.com