Big changes are coming to Chipotle Mexican Grill, Inc. in the C-suite, including the decision by its longtime chief financial officer to postpone his planned retirement.
The fast-casual restaurant chain announced on Tuesday that Brian Niccol, chair of the board and CEO, is leaving the company and heading to Starbucks, Inc. to take on the role of chief executive and chair, effective Aug. 31. Niccol has served as Chipotle's CEO since 2018 and as chair since 2020. Scott Boatwright, who joined Chipotle in 2017, and currently serves as chief operating officer, was appointed interim CEO.
Chipotle CFO Jack Hartung, meanwhile, had announced last month he planned to retire on March 31, but will instead stay on to take a new role at the company. Hartung has agreed to remain with Chipotle indefinitely as president of strategy, finance and supply chain to “ensure a smooth transition,” according to Chipotle. He will support Boatwright as interim CEO, and continue his current oversight of Adam Rymer, VP of finance and incoming CFO, as well as Carlos Londono, global head of Supply Chain, the company stated in the news release.
Chipotle, founded by Steve Ells, opened its doors 30 years ago on July 13, 1993, on Evans Avenue in Denver, Colo. Hartung wasn’t there yet as he joined in 2002. “I’d be lying if I said I knew that we’d be exactly where we are today,” he told Fortune in 2023. “But I was bullish when I joined Chipotle.”
In the company’s July 9 announcement of Hartung’s retirement, Niccol thanked Hartung for his friendship and leadership." Jack is one of the best CFOs in the business, and he has played an instrumental role in helping Chipotle deliver unprecedented growth while building our culture and multiple, strong teams with deep expertise,” he said.
“I started working with Chipotle when there were less than 200 restaurants, and with over 3,500 today, I'm confident Chipotle has a long runway of profitable growth ahead led by the best team in the industry,” Hartung said in the announcement.
Chipotle reported its Q2 earnings on July 24. Total revenue increased 18.2% year over year to $3 billion, and comparable restaurant sales increased 11.1%. During the quarter, Chipotle opened 52 new company-operated restaurants. Following Tuesday morning’s announcement of Niccol’s departure, CMG is down about 12%.
