Chipotle Mexican Grill (NYSE: CMG) soon will have a new leader who will look at ways to revive the chain’s stagnant sales, but one thing its CEO of the past 25 years doesn’t expect this person to change is the restaurant company’s mission statement or culture.
Speaking during an earnings call Tuesday, Chipotle founder and current CEO Steve Ells said the committee searching for the Denver-based company’s next executive — a committee that includes himself and two other board members — does not have a time frame yet for naming his successor.
Ells, who has come under fire for failing to get the 25-year-old company back to the level of growth it experienced before E. coli, sent several dozen customers to the hospital in late 2015, will become executive chairman when the next CEO is chosen.
Before discussing another disappointing quarter of results during the call — same-store sales rose just 0.9 percent year-over-year during the final quarter of 2017 — Ells emphasized the company has stayed true to its purpose-driven mission of “fast food done right,” eschewing additives, preservatives and other techniques that have been common at many quick-serve restaurants.
Read more at the Denver Business Journal: http://bit.ly/2nMmZkI