Chipotle Rallies After Troubled Burrito Chain Seeks New Leader

Founder agrees to hand over reins once the next CEO is found
Company has struggled to bounce back from food-safety crisis

Nick Setyan, Wedbush analyst, and Bloomberg Intelligence’s Michael Halen, discuss management changes at Chipotle. (Source: Bloomberg)

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By Nick Turner and Craig Giammona

November 29, 2017 at 1:06 PM UTC

Updated on

November 29, 2017 at 2:41 PM UTC

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Chipotle Mexican Grill Inc. rallied after founder Steve Ells agreed to step down as chief executive officer, clearing the way for a new leader with the operational expertise needed to pull the burrito chain out of a two-year slump.

Ells, a trained chef who started the company in 1993, will hand over the reins once a new CEO is found, Chipotle said on Wednesday. He will continue as head of the board, taking the title of executive chairman.