Chipotle Mexican Grill Inc. Chief Executive Brian Niccol, who was hired this week by Starbucks Corp., intends to remain in Newport Beach.
Starbucks, which is based in Seattle, said it will set up a “small remote office” in Newport Beach, hire an assistant for Niccol and allow him to use the company jet, according to a filing with the Securities and Exchange Commission.
Shares of Chipotle today fell 2.4% to $52.58 and a $72 billion market cap. The shares are off about 5.9% since Aug. 13 when Starbucks named Niccol as its new CEO and chairman.
For more details on the hiring, see the Aug. 19 print issue of the Orange County Business Journal.
