Chipotle inventory falls as CEO Brian Niccol leaves for Starbucks

Chipotle stock fell roughly 10% in premarket trading Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks.

Niccol began as Chipotle CEO in March 2018. Chipotle stock has risen more than 700% since since he took over.

Chipotle’s board named Chief Operating Officer Scott Boatwright as interim CEO. He’s been at the company since 2017. The board also announced that Chief Financial Officer Jack Hartung, who had announced his intention to retire, would stay with the company indefinitely and assist with the transition.

Chipotle reported second-quarter earnings in July that topped analyst estimates, with $2.97 billion in revenue. Net sales climbed 18.2% during the quarter, with same-store sales up 11.1%. 

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