Chipotle Mexican Grill Inc. is looking for a new CEO.
The Denver Mexican restaurant chain (NYSE: CMG) said Steve Ells, who founded the company in 1993, will become executive chairman after a new CEO is found.
"It is clear that we need to move faster to make improvements. Simply put, we need to execute better to ensure our future success," Ells said.
Chipotle has been battered in the past few years; food-borne illness scandals roiled the company and sent the company's revenues spiraling.
The company is slowly fighting back. Last month, the Denver Business Journal's Ed Sealover detailed Chipotle's efforts to rebound, such as adding the cheesy queso dip to its menu in the summer and experimenting with other new offerings.