Brian Niccol, chief executive of Chipotle Mexican Grill Inc., is departing to take on a similar role at Starbucks Corp.
“I have long-admired Starbucks iconic brand, unique culture and commitment to enhancing human connections around the globe,” Niccol said in a statement.
In another surprising turn, Chipotle Chief Financial Officer Jack Hartung won’t retire as previously announced and instead will remain “indefinitely” as president of strategy, finance and supply chain to help a transition at Orange County’s most valuable publicly traded company. Chipotle Chief Operating Officer Scott Boatwright, who has been with Chipotle for seven years, was named interim CEO.
Shares of Newport Beach-based Chipotle shares fell 12% to $49.30 and a $68 billion market cap (NYSE: CMG). Starbucks shares jumped 22% to $94.50 and a $107 billion market cap (Nasdaq: SBUX).
For more information, see the Aug. 19 print issue of the Orange County Business Journal.
