Published: Thu, February 15, 2018
Sci-tech | By Carrie Guzman

Chipotle's new CEO draws warm welcome

Chipotle's new CEO draws warm welcome

The company has hired Brian Niccol, as its next chief executive, as he was the man known for bringing "Doritos Locos Tacos" and the mobile ordering to Taco Bell, because it wants to turnaround the once red-hot burrito chain that has been battered by food safety lapses.

Chipotle announced its decision late Tuesday to tap Niccol as the replacement for CEO Steve Ells.

Shares of Chipotle have jetted up 11.81% in AH trading to $281.01.

Ells announced that he will step down from his position as the CEO of Chipotle back in November previous year, but said he would hold the position until a new chief was appointed. This growth of the firm was stopped by competition from new firms and a few serious food saftey incidences spoiling its reputation.

Niccol, who's led Taco Bell since 2015, has been credited with helping to turn around sales and speeding the introduction of technology at the chain.

Ells will remain with the company as executive chairman and plans to oversee innovation now that a new CEO has been selected.

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As of midday Wednesday, Chipotle's stock rose more than 14 percent from Tuesday's close of $287.20 per share, after the after-market announcement that Niccol, CEO of Yum! "Under his leadership, the chain was frequently the best-performing subsidiary of Yum Brands, which also owns Pizza Hut and KFC", reports Tiffany Hsu for the New York Times.

Niccol said in the statement, "At Chipotle's core is delicious food, which I will look to pair up with consistently great customer experiences".

Before being appointed as the CEO of CMG, Brian Niccol served as the CEO of Yum!

Chipotle "railed against Taco Bell for years" without directly mentioning its name, Cramer said. Under Niccol's leadership, Taco Bell has been one of the bright spots in USA quick-service restaurants.

Niccol hopes to focus on developing Chipotle's "cultural relevance through innovation in menu and digital communications", according to CNBC. Under his leadership, he successfully repositioned Taco Bell as a lifestyle brand and successfully launched numerous product initiatives, including the new breakfast daypart, the fastest growing daypart in the industry.

Felss Masino is president of Taco Bell's North American division; she joined the company in January after stints with Mattel's Fisher-Price unit and Starbucks, and as chief executive of Sprinkles Cupcakes Inc.

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