Economy

Chipotle co-founder Ells to step down as CEO

Chipotle co-founder Ells to step down as CEO

The search committee at Chipotle tasked with finding a new CEO includes director Robin Hickenlooper, departing CEO Steve Ells and Pershing Square's Ali Namvar. He will continue as head of the board, taking the title of executive chairman.

"Simply put, we need to execute better to ensure our future success", he added.

"Bringing in a new CEO is the right thing to do for all our stakeholders", Ells said in a statement. I am confident that this will allow us to deliver value for our shareholders, and provide rewarding opportunities for our employees. "Chipotle has vast unrealized potential".

Ells also said that the chain has "vast unrealized potential", and will look at opportunities including digital, menu innovation, delivery, and worldwide expansion. It had 425 restaurants in the direct path of the storms.

Ells reportedly made the decision to step down on his own, and Chipotle's board agreed. "We are committed to recruiting a world-class CEO for this incredible opportunity".

More news: Lashing out at news media, Trump brings up Joe Scarborough conspiracy theory

According to Chipotle, the company is looking for "a new leader with demonstrated turnaround expertise to help address the challenges facing the company, improve execution, build customer trust, and drive sales".

Chipotle announced on Wednesday its chairman and CEO Ells, who founded the company in 1993, would transition to the role of executive chairman. Today, Chipotle shares sit at $296.

Few would say Ells wasn't a visionary leader, but after a food-safety crisis sent the company into a tailspin, many started calling for him to step aside for the next phase for chipotle.

The company, whose shares jumped 4% on the news, has struggled to get back on track, with many customers still hesitant to return to the burrito chain that became a favorite of consumers for its focus on customizable burritos and natural ingredients. For more information, visit chipotle.com.

Shaich recently announced he would step down as Panera CEO on January 1, but remain as chairman to work on strategy, communications and acquisitions for the bakery-cafe chain.


  • Down syndrome dancer waltzes away with Miss Minnesota awards

    Down syndrome dancer waltzes away with Miss Minnesota awards

    She said when she got an application in the mail for Miss Minnesota USA , she begged her mother to let her do it. The victor said that for her, dance is a way of expression. "It's how I express myself", she told BuzzFeed .
    United States  tourists arrested in Thailand over nude photo at historic temple

    United States tourists arrested in Thailand over nude photo at historic temple

    Their Instagram account, @traveling_butts, which had more than 14,000 followers, has since been removed. The spokesman said the charge would not be a normal public indecency charge.
    Arizona State to interview Herm Edwards

    Arizona State to interview Herm Edwards

    Finally, should Edwards take the position, it's also reported that he would keep much of the staff already set at Arizona State . Seemingly out of nowhere, ESPN NFL analyst Herm Edwards has apparently become a leading candidate for the Arizona State job.
  • Cleveland Cavaliers dominate Miami Heat for ninth straight win

    Cleveland Cavaliers dominate Miami Heat for ninth straight win

    Three other Cavaliers finished scoring in double figures, led by Dwyane Wade's 17 points and five rebounds. The 27-year-old is averaging 4.8 points, 3.1 rebounds and 1.3 assists per game over 13 games this season.
    The Weeknd Just Made His Relationship with Selena Gomez Instagram Unofficial

    The Weeknd Just Made His Relationship with Selena Gomez Instagram Unofficial

    But now the singer has removed photographs of Selena Gomez from his account. "They don't want to date anyone else". "They're done. This was what he did as well with Gomez, unfollowing her friend Francia Raisa and family first before this news came out.

    Keystone Financial Planning Inc. Acquires 5741 Shares of Pfizer Inc. (NYSE:PFE)

    After $-0.34 actual EPS reported by 3D Systems Corporation for the previous quarter, Wall Street now forecasts -88.24% EPS growth. Finally, UBS reissued a "buy" rating and set a $38.00 price target on shares of Pfizer in a research report on Monday, July 31st.
  • AT&T postpones target for $85bn Time Warner deal to April

    AT&T postpones target for $85bn Time Warner deal to April

    DETAILS: Technalysis Research President Bob O'Donnell and Bloomberg Intelligence's Jennifer Rie discuss the U.S. Since taking office, Trump has continued to attack the network and says he continues to oppose the deal.

    Alfa Romeo name returning to F1 in 2018 in Sauber tie-up

    The Swiss team will officially be known as Alfa Romeo Sauber F1 Team with the Italian auto brand to be their new title sponsor. Pascal Picci, Chairman of Sauber Holding AG, commented: "We are very pleased to welcome Alfa Romeo to the Sauber F1 Team".
    Raiders outlast Broncos to stay alive in AFC West

    Raiders outlast Broncos to stay alive in AFC West

    The Silver and Black had six tackles for a loss, and finally notched their first team interception of the season. Carr found Jalen Richard in the end zone on the next play to extend their lead 21-0 in the third quarter.
  • Tiffany beats expectations on strong Asian demand

    Tiffany beats expectations on strong Asian demand

    The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website . Victory Capital Management Inc. raised its holdings in shares of Tiffany & Co.by 22.4% in the 3rd quarter.
    6% of cancer cases linked to obesity or diabetes

    6% of cancer cases linked to obesity or diabetes

    Study leader Dr Jonathan Pearson-Stuttard said: "A substantial number of cancer cases are attributable to diabetes and high BMI". While men mostly suffered from liver cancer in 42.8 percent of the instances.
    Bulgaria and Saudi Arabia Sign Two Contracts in Riyadh

    Bulgaria and Saudi Arabia Sign Two Contracts in Riyadh

    Mrs May said: "We have already seen some changes taking place in Saudi Arabia , for example women being allowed to drive". She said Iran's ambassador in Sofia has been summoned for an explanation.