.August 13, 2024 12:21 PM

Chipotle Mexican Grill (NYSE:CMG) saw a significant drop of over 13% in its stock price today as CEO Brian Niccol announced his departure to lead Starbucks. Niccol, who joined Chipotle in 2018, is credited with turning around the company through technological upgrades and expansion efforts. Investors are concerned about the impact of his exit on Chipotle’s future.

To fill the leadership void, Chipotle’s board named Scott Boatwright, the current COO, as interim CEO. Boatwright, a seven-year veteran at Chipotle, has been instrumental in improving operational efficiency and customer satisfaction at the chain’s 3,500+ locations. His appointment aims to maintain stability during this transition period.