Chipotle steals the Taco Bell CEO To Rescue Fast Casual Brand

Chipotle steals the Taco Bell CEO To Rescue Fast Casual Brand

The search is over and faith in Chipotle’s future seems to be on its way to being restored.

On Wednesday morning, Chipotle shares experienced a 14 percent hike, according to “Bloomberg.”

This is thanks to Chipotle’s Tuesday announcement that founder Steve Ells will be officially stepping down by March 5 of this year as the chief executive officer to pass along the post to Brian Niccol, former CEO to Yum! Brands’ Taco Bell Division.

Steve Ells will transition from a Chipotle Chairman role to an Executive Chairman for the brand, as he welcomes Brian Niccol as a new member of Chipotle’s Board of Directors.

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Chipotle Initiates Search for New CEO as Steve Ells Steps Down 

Chipotle Initiates Search for New CEO as Steve Ells Steps Down 

Steve Ells, the founder and mastermind behind the fast casual that started it all, Chipotle, announced on Wednesday that he is stepping down as the CEO of the chain.

However, he will be stepping into the executive chairman role. 

This seems like the chain's latest move as part of its comeback strategy. 

Chipotle has been plagued with a series of PR nightmares following a few food safety scandals that were exposed starting back in November 2015. 

It's no secret, the brand has had difficulty recovering. 

The company reported a 29.7% decrease in same-store sales in the first quarter of 2016, following the media frenzy after the first food safety crisis.

Chipotle's shares were up but 4.4% early Wednesday, according to the "New York Post."

But with stock prices no where close to where they were before the crisis, the brand has launched multiple free giveaway campaigns in attempt to recreate the long lines of the past at Chipotle stores.

But, investors have demanded big changes and it looks like Ells has decided to bring in a new CEO to direct the brand's comeback efforts. 

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