Photo courtesy of Bloomberg
The once widely beloved Chipotle Mexican(ish) Grill has taken quite a hit over the last two years, and it has now cost its CEO his job.
Steve Ells founded the company back in 1993, and built it to be one of the most popular chain restaurants across the U.S. Though with several E. Coli outbreaks, coupled with a drop in investor confidence, Ells felt a change needed to be made, according to Bloomberg.
“Simply put, we need to execute better to ensure our future success,” Ells said in a statement.
Ells will take the role of executive chairman, as Chipotle immediately started its search for a new CEO to grab the reins and steer them back into the consumer’s favor.
The move seems to have already sparked investors’ interest, as Chipotle’s stock rose by 5.4 percent after the move was announced.
Chipotle has been suffering with PR nightmares over the recent years, and probably needed a big shakeup, and this was probably the biggest kind that could have happened.