Chipotle Mexican Grill, Inc. (NYSE:CMG) co-CEO Monty Moran is stepping down.
The Chipotle Mexican Grill, Inc. co-CEO is giving up the role and his board seat immediately. Monty Moran will also completely retire from the company in 2017. The Board of Directors has chosen founder Steve Ells as CMG’s sole CEO.
Steve Ells founded Chipotle Mexican Grill, Inc. in 1993 and it became a publicly-traded company in 2006. He held the CEO role from 1993 to 2009. It was in 2009 that he became CMG’s co-CEo alongside Monty Moran. He is also the restaurant chain’s current Chairman.
“I’d also like to thank Monty for his extraordinary contributions to Chipotle over the years,” Steve Ells said in a statement. “Monty inspired us with his vision for an enlightened people culture, and I wish him the best as he retires from the company.”
News that Monty Moran is leaving Chipotle Mexican Grill, Inc. comes after Ells said management changes were on the way. He wants to bring in new directors that may help strengthen the company’s leadership.
The current CEO also openly admitted that Chipotle Mexican Grill, Inc. is facing customer service issues. Ells is now planning employee incentives that he hopes will lead to a better customer experience. This includes an overhaul to CMG’s Restaurateur program that focuses on promoting normal workers into leadership positions.
“While our plans will take some time to implement, we will act with a sense of urgency toward all of the changes we are pursuing,” said Ells.
CMG stock was up 1% as of Noon Monday.
