Chipotle Mexican Grill, Inc. (NYSE:CMG) stock was up on Wednesday on news that its searching for a new CEO.

Chipotle Mexican Grill, Inc. says that it will be searching for a new CEO to replace current CEO and founder Steve Ells. Once the search is complete, Ells will step down from the CEO position and will become CMG’s Executive Chairman.

Chipotle Mexican Grill, Inc.’s Board of Directors has created a new committee dedicated to the task of finding a new CEO. The committee is made up of Robin Hickenlooper and Ali Namvar, both of which are Directors, as well as Steve Ells. It has also hired recruitment firm Spencer Stuart to help with the search.

Chipotle Mexican Grill, Inc. notes that it will be searching for a new CEO that can help the company with its turnaround plans. Ells says that this change will be in the best interest for holders of CMG stock. He says it will allow him to focus on his own work, while the new CEO builds trust with customers and drives sales.

“Steve made the decision, and the Board agreed, that now is the right time to identify a new CEO who can reinvigorate the brand and help the company achieve its potential,” Neil Flanzraich, an independent director for Chipotle Mexican Grill, Inc., said in a statement. “We are committed to recruiting a world-class CEO for this incredible opportunity.”

CMG stock was up 2% as of Wednesday morning, but is down 22% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.