Following another quarter of slow same-store sales growth, Chipotle Mexican Grill (NYSE: CMG) will invest more than $50 million in 2018 to refresh and update existing restaurants.
Chipotle leaders hope the changes will work in combination with an increased focus on digital ordering to get the once-booming restaurant chain back into the realm of significant growth.
The changes will come against the backdrop of a continuing search for a new CEO to replace founder Steve Ells, who will step aside to become executive chairman of the 25-year-old Denver-based company when his successor is chosen.
Ells, who sits on the committee to find the new day-to-day leader of the 2,408-location chain, said in an earnings call Tuesday that while he has spent time with “a number of candidates” for the position, there is no time frame yet for announcing his replacement.
Read more at the Denver Business Journal: http://bit.ly/2EOgghH