Chipotle (NYSE:CMG) stock is down on Tuesday after the Mexican fast-food chain announced that chairman and CEO Brian Niccol is leaving the company.
Niccol will serve his final day as leader of Chipotle on Aug. 31, bringing an end to a six-year tenure as the CEO of the company. When he departs, Chief Operating Officer Scott Boatwright will take over as interim CEO.
Niccol is leaving Chitpole to take on the roles of chairman and CEO of Starbucks (NASDAQ:SBUX). He will start working with the coffee chain on Sept. 9.
Niccol’s departure is a major blow to CMG stock as he achieved major changes for the company. That includes doubling its revenue, increasing profits sevenfold and seeing its stock gain more than 800% during his time as leader.
How This Affects CMG Stock Today
CMG stock is seeing heavy trading on Tuesday as investors react to the CEO’s departure. More than 61 million shares of the stock have changed hands as of this writing — a massive increase over a daily average trading volume of about 17.8 million shares.
CMG stock is down 9.8% as of Tuesday morning but is still up 12.1% year-to-date.
There are plenty of other stock market stories traders are going to want to read about below!
We are offering up all of the hottest stock market news for Tuesday! A few examples include what’s happening with shares of ON Holding (NYSE:ONON), Sea Limited (NYSE:SE) and Home Depot (NYSE:HD) stock. You can catch up on all of this news by checking out the following links.
More Stock Market News for Tuesday
- ONON Stock News: What’s Going on With On Holding Today?
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- HD Stock Alert: Why Home Depot Is Making Headlines Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
