Chipotle Mexican Grill Inc (NYSE:CMG) has named Scott Boatwright as its permanent CEO, replacing Brian Niccol who left the position to lead coffee giant Starbucks.
Boatwright was named interim CEO of the Mexican fast casual chain in August, having previously served as chief operating officer since 2017.
Prior to joining Chipotle, Boatwright served in various leadership positions at Arby's Restaurant Group over 18 years, including as senior vice president of operations.
"We conducted a thorough and rigorous external search process that confirmed Scott is absolutely the best person to lead the next stage of growth at Chipotle,” Chipotle board chairman Scott Maw commented.
“Today's announcement is an affirmation of both Scott's leadership capability and our internal succession planning process. The board overwhelmingly believes Scott will deliver on the key strategies in place and position the company for continued success."
Boatwright added: “I am passionate about our menu and energized by our people, and believe that I, along with our esteemed bench of tenured leaders, will deliver on our priorities and achieve our long-term growth goals."
Boatwright’s appointment comes as Chipotle struggles with weaker consumer demand amid higher menu prices.
For the third quarter, Chipotle missed estimates for same-store sales growth and maintained its full-year growth target for comparable restaurant sales.
Shares of Chipotle finished Monday’s trading session up 0.8% at about $59, having gained about 31% in the year to date.