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Chipotle CEO Leaves for Starbucks

Chipotle shares fall 11%; Starbucks jumps 22%

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.

 

 

 

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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